Evans Real Estate Market Prices, Trends, and Forecast 2023

 

Are you considering upsizing, downsizing, or relocating to Evans, GA, sometime in 2023? Whether you are looking for a dream home or want to sell a current one, you might be wondering how the Evans real estate market is performing. Read on to find out more about the local housing scene and what you can expect as an investor, buyer, or seller.

Evans, GA, is a mid-size suburb that is part of the greater Augusta metropolitan area. As a city experiencing upward population growth, here is everything you can expect, from home prices to the cost of living.

 

 

Thanks to its ideal location and economic factors, the home values in Evans have been increasing over the past few years. According to the most recent statistics from the Greater Augusta Association of Realtors, the median sold price of homes within the greater Augusta area is $276,300, with homes spending an average of 93 days on the market before selling.

In addition, according to the latest data from the National Association of Realtors and the Federal Housing Finance Agency, within Columbia County, the median value of homes is currently $318,186. This is 11.1% higher than the median prices experienced in the county in 2021. This means that many types of Evans homes will likely continue to rise in value throughout 2023 and beyond.

 

 

Sometime in mid-2022, the federal mortgage rate increased, affecting many homes throughout the country. Currently, the federal mortgage rate for homes in Evans is 6.46% for a 30-year loan. This was a drastic and upward increase from the first quarter of 2022 when the federal interest rate was only at 3.22% nationally. This mortgage rate increase has left many buyers waiting on the sidelines.

 

The cost of rent in Evans for a two-bedroom unit has increased by 19% year-to-date. In correlation with the rising home values and overall increased cost of living, rent will likely keep rising this year.

 

With the rent increases, this will undoubtedly favor landlords and property managers. If you are planning on purchasing an investment property in Evans real estate, then it is likely that you will be able to capitalize on your investment.

 

 

Many people are choosing to relocate to Evans. There has been a steady and upward trajectory of population growth, with the city predicted to reach 40,000 residents by 2029. The thriving economy and strong job market are the major factors why many choose to relocate to this quiet suburban city outside Augusta. The city is expected to drastically increase the number of jobs over the next 10 years. Particularly over the past year, the city saw a job market increase of 3.4%, with significant additions to the education, healthcare, and manufacturing sectors.

Another reason many are choosing to move to Evans is its ideal location and proximity to the major metropolitan city of Augusta. Furthermore, there are excellent schools, a wealth of cultural attractions, and a healthy economy. With prices for many luxury homes in Evans lower than the US national average, many are finding they can maximize their budget. For many of these reasons, Evans was even ranked as the best place to live by Money magazine in 2020-2021.

During the first year of the pandemic, the real estate market in Evans and many parts of the country was experiencing unprecedented changes. With rising prices and homes selling incredibly quickly, there was no better time to sell a property. Buyers, too, were anxious to grab their piece of the pie while interest rates were extremely low. However, since those frantic years, the market has slowed down. This is because the real estate market is ultimately not sustainable as a seller’s market for very long, and eventually, it must turn. With the current rising interest rates and increasing inflation, the market has shifted to become more balanced. Throughout 2023, these trends will likely continue, perhaps even shifting even more into one that ultimately favors home buyers.

 

As inflation and the overall cost of living continue to rise, it is likely that foreclosure will become more of a problem in 2023. This means that many foreclosed homes will likely be available for sale. This is often great news for investors who can purchase properties at a lower price and on a faster schedule. If you are purchasing a foreclosed property, be sure to speak with an experienced Evans real estate agent who can help you find a home that will allow you to capitalize on your investment.

 

Despite the real estate market experiencing a cooling down, that does not mean that you should hold off on investing in a property in Evans. With appreciation rates increasing, a healthy economy, and a steady rise in population, these factors indicate that investing in Evans real estate will allow you to capitalize on your return.

There are many neighborhoods in Evans, each with its distinct vibe and features. In determining the best neighborhoods for rental properties, consider the ones with the highest potential for appreciation value.

 

In the Snead neighborhood, you will find spacious homes with many bedrooms. The rental price for these homes is $2,841, which is higher than 89% of other neighborhoods in Georgia.

 

Evans East consists of many new homes with many bedrooms. The price for these rental homes generally runs $2,152 and is higher than 67% of other Georgia neighborhoods.

 

Many of this neighborhood's newer homes were built after 2000. Furthermore, many single-family homes feature three or more bedrooms, offering expansive accommodations for families. The price for these rental homes can run on average $2,752, which is higher than 87% of the neighborhoods in Georgia.

Interested in buying or selling an Evans luxury home or a gorgeous property in the Augusta metropolitan area? Experienced Realtors® Lisa Moss and Kimberly Harley of The Moss Realty Group can expertly guide you through the process, providing top-notch advice on everything from innovative marketing and staging tactics to creative negotiation strategies. Lisa and Kimberly can help you achieve all of your real estate dreams!