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Southeast Real Estate Investment Market Report: Feb. 2020

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Market Activity

Atlanta, GA
Market Overview

Revitalization keeps demand for Class B/C apartments at a high. These efforts are highlighted by the Centennial Yards project taking place downtown. This project will convert 50 acres of rail space into 12 million square feet of mixed-use development, and will require a large volume of construction workers.

997
Homes Sold
$283,000
Avg. Home Price
$1,477
Median Rent
U.S Census Bureau: fourth quarter 2019
6.5%
Rental Vacancy Rate
1.4%
Homeowner Vacancy Rate
3.2%
State Unemployment Rate
Metro Area Unemployment
Albany, GA
3.6%
Athens-Clarke County, GA
2.5%
Atlanta-Sandy Springs-Roswell, GA
2.7%
Augusta-Richmond County, GA-SC
2.9%
Brunswick, GA
2.8%
Chattanooga, TN-GA
3.3%
Columbus, GA-AL
3.3%
Dalton, GA
4.7%
Gainesville, GA
2.2%
Hinesville, GA
3.2%
Macon-Bibb County, GA
3.0%
Rome, GA
3.7%
Savannah, GA
2.7%
Valdosta, GA
3.0%
Warner Robins, GA
2.8%

Market Activity

Charlotte, NC
Market Overview

Charlotte is expected to receive its largest influx of rentals so far this millennium. Many of these completions contain over 300 units. Two projects, Uptown 550 at Stonewall and Novell Stonewall Station both opened with 400 units each. However, renter demand in the area will absorb most of this incoming supply, creating  a sub-5.0 percent vacancy rate.

950
Homes Sold
$251,000
Avg. Home Price
$1,234
Median Rent
U.S Census Bureau: fourth quarter 2019
6.5%
Rental Vacancy Rate
1.4%
Homeowner Vacancy Rate
3.7%
State Unemployment Rate
Metro Area Unemployment
Asheville, NC
2.7%
Burlington, NC
3.2%
Charlotte-Concord-Gastonia, NC-SC
3.1%
Durham-Chapel Hill, NC
2.9%
Fayetteville, NC
4.4%
Goldsboro, NC
3.5%
Greensboro-High Point, NC
3.5%
Greenville, NC
3.6%
Hickory-Lenoir-Morganton, NC
3.2%
Jacksonville, NC
4.0%
Myrtle Beach-Conway-, SC-NC
3.5%
New Bern, NC
3.4%
Raleigh, NC
2.9%
Rocky Mount, NC
4.3%
Virginia Beach-Norfolk, VA-NC
2.8%
Wilmington, NC
3.0%
Winston-Salem, NC
3.2%

Market Activity

Orlando, FL
Market Overview

Orlando remains at the top in the nation for employment growth. The new job opportunities along with the metro’s quality of life continue to attract workers and retirees. It’s expected that 28,000 household will be formed this year. Many of these households will favor affordability, flexibility and amenities.

955
Homes Sold
$260,000
Avg. Home Price
$1,423
Median Rent
U.S Census Bureau: fourth quarter 2019
8.7%
Rental Vacancy Rate
1.6%
Homeowner Vacancy Rate
3.0%
State Unemployment Rate
Metro Area Unemployment
Cape Coral-Fort Myers, FL
2.5%
Crestview-Destin, FL
2.3%
Deltona-Daytona Beach, FL
3.0%
Gainesville, FL
2.5%
Homosassa Springs, FL
4.0%
Jacksonville, FL
2.6%
Lakeland-Winter Haven, FL
3.0%
Miami-Fort Lauderdale, FL
2.2%
Naples-Immokalee-Marco Island, FL
2.5%
North Port-Sarasota-Bradenton, FL
2.6%
Ocala, FL
3.2%
Orlando-Kissimmee-Sanford, FL
2.5%
Palm Bay-Melbourne-Titusville, FL
2.7%
Panama City, FL
2.9%
Pensacola-Ferry Pass-Brent, FL
2.7%
Port St. Lucie, FL
3.0%
Punta Gorda, FL
3.0%
Sebastian-Vero Beach, FL
3.1%
Sebring, FL
3.8%
Tallahassee, FL
2.6%
Tampa-St. Petersburg-Clearwater, FL
2.6%
The Villages, FL
4.0%
Data resources: Redfin.com., rentcafe.com, U.S Census Bureau, Institutional Property Advisors, and Colliers International.

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