Norcross, GA, Real Estate Market Prices, Trends, and Forecast 2023

Located in Gwinnett County, Georgia, Norcross is known for its charming neighborhoods, convenient location just 20 miles northeast of Atlanta, and strong sense of community. Whether you’re considering buying or selling a home in Norcross this year, it’s essential to be well-prepared. As you step into the real estate scene, use this guide to explore pricing trends, forecasted growth, and other key factors that are expected to shape the market throughout the rest of 2023.

The Norcross, GA, real estate market was no stranger to the unique climate brought on by the COVID-19 pandemic. As markets across the country see new shifts in pricing and demand, many wonder what changes are in store for Norcross. While some locations have experienced more dramatic pricing drops as demand cools and interest rates rise, Norcross has seen steady growth. Median home prices are continuing their upward trajectory, and though interest rates are on the rise, demand remains strong as more and more people choose to call Norcross home.

As we’ve said, prices in Norcross real estate have been increasing consistently this year, reflecting the continued demand and desirability of the area. The limited number of homes available, along with strong buyer interest, has created a competitive market where prices are expected to continue climbing. This is good news for sellers, in particular, who can benefit from the rising prices, but buyers can still get in on the action with the help of an expert real estate team.

Interest rates have been on the rise over the past year, serving as one of the biggest reasons why the national market has cooled since the onset of COVID-19. Since the cost of borrowing has increased, the affordability of buying has also decreased, which has slowed down buyer activity across the country. Nevertheless, the overall demand for homes in Norcross seems to be remaining strong. Buyers who are hoping to invest should prepare themselves for interest rates of up to 7% and seek guidance from real estate professionals and lenders before selecting a loan.

With high interest rates and a steady level of demand, landlords will likely see an uptick in interest regarding rental properties. When the cost of buying a home increases, buyers may be more tempted to rent in the short term and hold out for lower interest rates. If that’s the case in Norcross this year, landlords will be able to benefit from higher occupancy rates and more substantial profits.

According to recent data, Gwinnett County’s overall population has been on the rise, increasing from 805,321 people in 2010 to 957,062 people in 2020. Once the nation’s fastest-growing county, Gwinnet’s population growth has slowed in recent years but is still seeing upward momentum. With more people moving to the area, demand for homes will likely remain high, and unless inventory rises to match it, this will keep real estate prices elevated as well.

Gwinnett County trends closely mirror those of neighboring areas like Roswell and Sandy Springs, with similar patterns expected in the 2023 market. The county has experienced rising home prices and continued demand, despite the impact of high interest rates. Lower inventory across the county could be one of the more prominent factors at play in keeping home prices high, making it an excellent time to list if you’re hoping to sell your Gwinnett County home in 2023.

As it did with so many regions, the COVID-19 pandemic had a significant impact on the Norcross, GA, real estate market. In the initial stages, there was a temporary slowdown, but as the market adapted, the demand for suburban homes shot up as people began to work remotely and sought more space and privacy. Mortgage rates hit all-time lows that further fueled buyer activity and led to an incredible surge in home sales. While the pandemic presented challenges, the Norcross real estate market demonstrated resilience and adapted to the changing needs of buyers and sellers.

If you're considering a real estate investment in Norcross, you’ll want to keep the high interest rates and home prices in mind. When compared to towns closer to Atlanta, Norcross has reasonable home prices and a great range of areas to explore. Whether you're looking for a charming residential community, an upscale luxury enclave, or an emerging area with great growth potential, Norcross has something to offer. Before you invest, make sure you get to know some of the local areas to determine where you’ll feel most at home.

Located just northeast of Norcross, Duluth is known for its vibrant downtown core lined with shops, restaurants, and live entertainment. The town offers a mix of cozy subdivisions and upscale gated communities, and residents can enjoy access to top schools and beautiful parks.

Situated just three miles northwest of Norcross, Peachtree Corners is an affluent community with luxurious residential developments and a serene suburban atmosphere. The town is home to the renowned Technology Park Atlanta, attracting high-tech companies that keep the area’s economy strong. With a focus on quality education and innovation, Peachtree Corners offers residents a dynamic and bustling suburban lifestyle.

Positioned southeast of Norcross, Tucker has a welcoming atmosphere and a historic downtown. The community is characterized by its tree-lined streets and well-maintained neighborhoods with a close-knit community spirit to match. Tucker offers residents convenient access to major highways, diverse eateries, and great outdoor spaces, making it ideal for those seeking a more relaxed place to call home.

The Norcross, GA, real estate market offers both opportunities and challenges for buyers and sellers in 2023. With rising home prices, the impact of interest rates, and increased demand, navigating the market requires expertise and guidance. This is where the trusted team at Square Real Estate comes in.

The experts at Square Real Estate leverage their in-depth market knowledge to personalize the home buying and selling process for clients all across the metro Atlanta area. Whether you're hoping to buy your dream home or sell your property at the highest price, this team of professionals will guide you every step of the way. Take action today and work with Square Real Estate to make your Norcross real estate journey a success.