Real Estate Market Trends: Duluth, Georgia
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Real Estate Guide for Duluth, Georgia
As a commuter city, Atlanta is surrounded by many different suburbs for residents to call home. Approximately 25 miles northeast of downtown is Gwinnett County, the second most populated county in Georgia, where you will find homes for sale in Duluth, GA. This affluent suburb city offers plenty of shopping, entertainment, and recreation. Its easy access to Interstate I-85 makes it the perfect location for those who work in downtown Atlanta or the surrounding areas. While this community is considered affluent, it has a broad range of housing prices, styles, and neighborhoods. The area is a melting pot of working professionals and suburban living, from upscale luxury homes and moderate single-family homes to condos and apartments.
Market Statistics
With a median listing price of $625,000, the real estate market for Duluth has jumped dramatically from the $495,000 range that was trending during the previous year. However, current list rates still have a way to go to reach the high of $749,000 six months earlier. With the Atlanta real estate market forecast predicting a strong spring selling season, homes for sale in Duluth should continue the growing trend and rise rapidly over the coming year. Since listing prices have increased approximately 26% in just four months, prices could easily surpass the previous year's rates if trends continue. However, these numbers do not necessarily reflect housing prices throughout Duluth. While there are undoubtedly upscale communities that command these high listing prices, the area is primarily middle-class, with median sale prices in the mid-to-high $200K range.
Neighboring Comparisons
Duluth is at the high end of the current market trend compared to other desirable communities in the area. At the start of the year, Suwanee had a median listing price of $425,000, at or below trends for the past six months. Alpharetta had a median listing price of $475,000, a moderate decline over the last six months. And Roswell had a median listing price of $449,000, which is where it has hovered in recent months. At the start of the year, Duluth per-square-foot prices were $128, compared to Suwanee ($119), Alpharetta ($136), and Roswell ($138).
Duluth Forecast Looking Good
The Atlanta market, including Duluth, has been experiencing one of the hottest real estate trends in the country over the past 12 months. While home appreciation prices have leveled off a bit, predictions for the next 12 months expect Atlanta housing prices to increase by 5.9%, with Duluth's forecast slightly lower at an expected 4.4% increase overall. The Urban Land Institute, a nonprofit research organization, recently published its Emerging Trends in Real Estate report. They listed the Atlanta metro area, which includes Duluth and other suburban communities around the city's perimeter, as the #5 best real estate market to watch in the United States. This is the first time the area has been listed in the top ten, primarily due to the area's steady housing, investment, and development growth.
Movies Mean Business
Much of this growth is due to the increase in movie and television production companies that have moved to Atlanta due to state tax incentives. With 40 to 50 movies and TV shows filming in Georgia, the industry generated $6 billion for the local economy and supported more than 24,000 workers. Most of these workers are new to the area and have bought permanent residences in the surrounding suburban areas, including Duluth. A massive 60-acre studio soundstage recently opened up in Gwinnett, with more planned, bringing $1.68 billion in wages to the community.
Area Job Market
With a median household income of more than $59,000 per year, an unemployment rate of 5.8%, and an average age of 36.9 years, this working city has a flourishing middle-class population. The projected job growth is strong at 38.20%, compared to 36.10% nationally. Approximately 65% of the workforce in Duluth has a white-collar job, such as business, finance, sales, engineering, education, or administration. Education is also high in Duluth, with 90% holding a high school diploma, 44% holding a bachelor's degree, and 15% having a graduate or professional degree for the population over 25 years.
International Community
Duluth is also an international community with a large middle- to upper-class Asian community that accounts for 25.9% of the population, primarily Korean, Vietnamese, and Chinese. This has brought to the area a strong and flourishing international community of businesses to Duluth. Around the Pleasant Hill area, the Korean community was primarily responsible for reinvigorating the dwindling shopping area with new restaurants, shops, salons, and other companies. This infusion of Korean-owned businesses has earned the area the nickname Georgia's Koreatown, with the community embracing and welcoming the injection of Asian culture and the income it brings to the area.
Safe and Enjoyable
In the Sugarloaf area of Duluth, several gated country club housing communities are primarily responsible for the higher housing prices in the city. These North Atlanta luxury home communities range in price from $500,000 to $6,000,000. Sugarloaf Country Club features the championship TPC Golf Course, where the PGA hosts nationally ranked tournaments. This area is home to many of Atlanta's well-known residents, including athletes, entertainers, and business people. In addition, Duluth was ranked number seven among the 10 best places in Georgia to live. With a low crime rate of .94 for violent crimes and 21.05 for property crimes per 1,000 residents, as well as amenities such as beautiful parks, community festivals, and a culturally rich diversity of residents, Duluth is a safe and enjoyable city to call home.
