With Athens’ rising property prices, locals are feeling the downside of a strong housing market in the form of property taxes.
Property values have surged up to 10% higher than they were just a year ago. Lots of new real estate developments in the past year are to blame for the high prices.
Three major hotels have opened up in downtown Athens adding to traffic congestion in the area.
The Kroger shopping center between Hull Road and highway 29 has also seen a lot of new development.
Overall the city of Athens is starting to look like Atlanta’s little brother. Home prices have gone up around 5% year after year, but 2018 to 2019 has seen the biggest jump so far.
Athens-Clarke County home prices have increased faster than any other urban area other than Atlanta in the past decade.
A big reason for the dramatic price gains in the Athens housing market is the activity of flippers.
Fixer uppers are the fastest selling categories of homes. Owners buy, renovate, and place the house back on the market within a matter of months.
This has lead to an above average increase in home prices. Instead of homes being sold once every few years, they’re being sold a few times a year.
The different universities are also to blame for rising housing prices. Developers catering to college students can charge above market prices in exchange for proximity to the schools.