Georgia’s real estate market is heating up, and Ryan Serhant, the CEO of SERHANT and star of the Netflix series “Owning Manhattan,” is taking notice. Serhant recently announced the opening of SERHANT Georgia offices in both Savannah and Atlanta. This strategic move comes as Georgia’s economy and job market continue to thrive, making it an attractive destination for homebuyers and investors alike.
Why Georgia?
Serhant’s decision to expand into Georgia was driven by the state’s growing economy and job market. In an interview with FOX Business, Serhant highlighted that many of his clients are either moving to Georgia or seeking secondary homes in Atlanta and Savannah. The state’s vibrant economy, with many Fortune 500 companies operating in the capital city, has been a significant draw. Additionally, significant job creation in Savannah, bolstered by investments like Hyundai’s multi-billion-dollar Metaplant America, has further fueled interest in the region.
Economic Growth and Real Estate Demand
Georgia’s economy posted a 3.1% growth in 2024, according to the University of Georgia Selig Center for Economic Growth. The state added 60,400 jobs during the year, and real estate sales showed a steady increase. Over 121,500 homes were sold, with nearly 121,900 pending sales, representing a 0.3% and 0.5% increase from the previous year, respectively. The median sales price of homes also saw a 2.9% year-over-year increase. This growth is expected to continue, with the Selig Center predicting that Georgia’s population will grow at twice the national average in 2025.
Urban and Suburban Demand
Demand for real estate in Georgia is strong in both urban and suburban areas, a trend Serhant finds intriguing. “It’s a little bit of both,” he said, noting that people are returning to urban areas after the COVID-19 pandemic while others are seeking more space in suburban settings. This balanced demand is partly due to the current decade’s unique circumstances, with people moving back to cities for amenities and others settling down for more space.
Atlanta’s Entertainment Industry Boost
Atlanta’s booming entertainment industry has also played a significant role in driving real estate interest. Known as the “Hollywood of the East,” Atlanta boasts a thriving music and studio scene, attracting many entertainers and industry professionals. The state saw $2.6 billion in spending from film and television producers in 2024, contributing to its economic growth. This vibrant industry, coupled with favorable tax laws and safety, makes Georgia an attractive alternative to California.
Future Outlook and Market Projections
Serhant is optimistic about Georgia’s real estate future, predicting a “roughly tenfold” increase over competitors in the next five years. He attributes this potential growth to the state’s robust job market and interest rates. Atlanta, in particular, saw a 4.9% increase in pending home sales and a 3.4% increase in closed sales in 2024. Despite concerns about interest rates in other markets, Atlanta continues to show strong demand, indicating a healthy market outlook.
