Skip to content

Southeast Real Estate Investment Market Report: May 2020

Looking Ahead: 3 Consumer Shifts

In a matter of weeks, lives across the U.S. have changed in ways we could have never imagined.  People can no longer work, eat, shop, travel, and socialize as they had before. Instead of traveling, shopping, and going out to restaurants, many consumers are tightening their wallets to only spend on essentials.

Physical distancing has changed the way people interact and inhabit space and could potentially lower demand for certain types of spaces. This has created an unprecedented challenge for the real estate industry. The longer this pandemic continues, the more likely we are to see lasting changes in behavior.

Read full article

Market Activity

Atlanta, GA
Market Overview
Atlanta’s population increased by 13.9 percent from the most recent Census data, according to July 2019 estimates. Prior to the COVID-19 outbreak, employment growth showed no signs of slowing down. 71,000 positions were added in the 12 months ending in February – a 2.4 percent increase. But as the city took measures to slow the spread of the virus, the employment market felt the impact. Unemployment claims are expected to pass 1 million, and more than 850,000 have been processed so far according to State Labor Commissioner Mark Butler.
1,075
Homes Sold
$355,000
Avg. Home Price
$1,467
Median Rent
U.S Census Bureau: first quarter 2020
7.5%
Rental Vacancy Rate
1.1%
Homeowner Vacancy Rate
11.9%
State Unemployment Rate
Metro Area Unemployment
Albany, GA
5.2%
Athens-Clarke County, GA
4.2%
Atlanta-Sandy Springs-Roswell, GA
4.2%
Augusta-Richmond County, GA-SC
4.2%
Brunswick, GA
4.3%
Chattanooga, TN-GA
3.7%
Columbus, GA-AL
4.8%
Dalton, GA
5.1%
Gainesville, GA
3.4%
Hinesville, GA
4.7%
Macon-Bibb County, GA
4.6%
Rome, GA
4.4%
Savannah, GA
4.2%
Valdosta, GA
4.5%
Warner Robins, GA
4.2%

Market Activity

Charlotte, NC
Market Overview
As of the end of March, a new developer had entered the Charlotte market, breaking ground on a 352-unit project in University City roughly 2 miles from the University of North Carolina’s campus. The property will include one- to three-bedroom floorplans. According to public records, Somerset Apartment Management acquired the 144-unit Walker’s Ridge from American Residential Investment Management.
1,146
Homes Sold
$287,000
Avg. Home Price
$1,259
Median Rent
U.S Census Bureau: first quarter 2020
6.9%
Rental Vacancy Rate
1.4%
Homeowner Vacancy Rate
12.2%
State Unemployment Rate
Metro Area Unemployment
Asheville, NC
3.6%
Burlington, NC
4.1%
Charlotte-Concord-Gastonia, NC-SC
3.9%
Durham-Chapel Hill, NC
3.6%
Fayetteville, NC
5.5%
Goldsboro, NC
4.5%
Greensboro-High Point, NC
4.4%
Greenville, NC
4.4%
Hickory-Lenoir-Morganton, NC
4.0%
Jacksonville, NC
4.9%
Myrtle Beach-Conway, SC-NC
4.3%
New Bern, NC
4.3%
Raleigh, NC
3.7%
Rocky Mount, NC
5.5%
Virginia Beach-Norfolk, VA-NC
3.6%
Wilmington, NC
4.0%
Winston-Salem, NC
4.0%

Market Activity

Orlando, FL
Market Overview
Due to strong multifamily fundamentals prior to COVID-19, investors were able to close 17 deals totaling $818 million during the first quarter. That’s a 70 percent decline in transaction volume compared to the same period last year. Orlando’s largest multifamily transaction was the $160 million that CBRE Global Investors paid to Unicorp National Developments for a two-community portfolio totaling just over 600 units.
913
Homes Sold
$272,000
Avg. Home Price
$1,435
Median Rent
U.S Census Bureau: first quarter 2020
8.1%
Rental Vacancy Rate
1.4%
Homeowner Vacancy Rate
12.9%
State Unemployment Rate
Metro Area Unemployment
Cape Coral-Fort Myers, FL
4.3%
Crestview-Destin, FL
3.7%
Deltona-Daytona Beach, FL
4.9%
Gainesville, FL
3.9%
Homosassa Springs, FL
6.6%
Jacksonville, FL
4.3%
Lakeland-Winter Haven, FL
4.9%
Miami-Fort Lauderdale, FL
4.0%
Naples-Immokalee-Marco Island, FL
4.0%
North Port-Sarasota-Bradenton, FL
4.2%
Ocala, FL
5.2%
Orlando-Kissimmee-Sanford, FL
4.2%
Palm Bay-Melbourne-Titusville, FL
4.4%
Panama City, FL
4.4%
Pensacola-Ferry Pass-Brent, FL
4.3%
Port St. Lucie, FL
4.9%
Punta Gorda, FL
4.9%
Sebastian-Vero Beach, FL
5.1%
Sebring, FL
6.1%
Tallahassee, FL
4.2%
Tampa-St. Petersburg-Clearwater, FL
4.3%
The Villages, FL
6.3%
Homes sold and average home price data is from Redfin.com. Median Rent data is from rentcafe.com.

Market Report Newsletter Signup

Signup to receive market reports by email
  • This field is for validation purposes and should be left unchanged.