The Atlanta metro-area made the top 10 list of “Boom Towns’ in America based on a survey of the fastest growing neighborhoods by Realtor.com.
Neighborhoods on the list were tops nationwide for home construction, job creation and an increasing number of households — all of which are considered “the gold mine” for housing market growth.
Jonathan Smoke, chief economist for realtor.com says that while there is already new construction in many neighborhoods on the list, it may be another year or so before some of the markets see an increase in inventory.
This could help builders trying to decide where to break ground as well as home buyers, since more inventory could mean lower costs for homes.
Each individual ZIP code on the list is projected to see a growth in households of between nine and 19 percent over the next five years.
In the metro Atlanta — the 10th largest metropolitan area in the nation — the hot ZIP code is 30363 which mostly contains the neighborhood of Atlantic Station.
The site of the former Atlantic Steel Mill is an urban live, work, play community that was redeveloped a decade ago.
According to Realtor.com, the luxury condos, such as The Atlantic, as well as the shopping, restaurants and entertainment options are attracting an influx of young professionals to the neighborhood. Households will grow by 15.7 percent over the next five years in the 30363 ZIP code.
In Fulton County, there is a projection of more than 10,000 new housing starts and 12,000 new jobs created in 2016 — 2.3 times more new homes and 1.4 times more jobs than the average of the top 100 counties in the country, respectively.
Other metro area neighborhoods on the list include Power Ranch in Gilbert, Arizona; Elysian Park in Los Angeles; downtown areas in Dallas, Miami, Seattle and Chicago; Willamsburg, Brooklyn; Mountain Edge in Las Vegas and more.