Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Housing Market Overview
| Metric | Redan | Georgia Avg | US Average |
|---|---|---|---|
| Median Home Price | $274,243 | $238,631 | $242,182 |
| Price Trend (Annual %) | 18.4% | 9.0% | 8.2% |
| Median Gross Rent | $1,467 | $1,306 | $1,342 |
| Rent Trend (Annual %) | 5.4% | 5.6% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Redan is about 15% higher than in Georgia. Rent is about 12% higher than the Georgia average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Redan, up about 18.4% and 5.4% a year respectively. Home prices are changing faster.
Median rent in Redan rose about 44.2% between 2015 and 2023, from $1,017 to $1,467. Over the same span, rent in Georgia rose about 48.7%.
Affordability
On average, housing unit costs 4.5 yearly household incomes in Redan.
Buying the median-priced home in Redan costs roughly 15.6 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Redan. The price-to-rent ratio in Georgia is about 15.2.
| Metric | Redan | Georgia Avg | US Average |
|---|---|---|---|
| Median Home Price | $274,243 | $238,631 | $242,182 |
| Median Household Income | $61,515 | $74,683 | $78,145 |
| Price-to-Income Ratio | 4.5 | 3.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Redan rose about 221.4%, while median household income rose about 24.4% between 2009 and 2023 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Redan | Georgia Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 52.8% | 58.4% | 58.2% |
| Rental Rate | 37.7% | 31.0% | 31.3% |
| Vacancy Rate | 9.5% | 10.6% | 10.6% |
| Median Tenure (years) | 16.0 | 14.0 | 15.0 |
| Median Year Moved In | 2010 | 2012 | 2011 |
Redan has a homeownership rate of 52.8%, lower than the Georgia average of 58.4%. Its housing vacancy rate is 9.5%, compared with 10.6% in Georgia.
Housing Stock
| Metric | Redan | Georgia Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.83 people | 2.64 people | 2.54 people |
| Median Structure Built Year | 1987 | 1989 | 1978 |
| Median Number of Rooms | 6.3 | 5.9 | 5.5 |
The typical housing unit in Redan was built around 1987. On average, 2.8 people live in a home with about 6.3 rooms, staying for about 16.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Redan, Georgia.
What is the median home price in Redan, Georgia?
The median home price in Redan, Georgia is $274,243, higher than the Georgia average of $238,631.
What is the average home price in Redan, Georgia?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Redan, Georgia?
The median gross rent in Redan, Georgia is $1,467 per month, higher than the Georgia average of $1,306.
What was the median gross rent in Redan in 2020?
In 2020, the median gross rent in Redan, Georgia was $1,217 per month.
What is the price-to-rent ratio in Redan, Georgia?
The price-to-rent ratio in Redan, Georgia is about 15.6, meaning it would take roughly 15.6 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Redan.
Are home prices or rent rising faster in Redan, Georgia?
Both home prices and rent are rising in Redan, up about 18.4% and 5.4% a year respectively. Home prices are changing faster.
What is the homeownership rate in Redan, Georgia?
52.8% of households in Redan, Georgia own their home, lower than the Georgia average of 58.4%.
What is the vacancy rate in Redan, Georgia?
The housing vacancy rate in Redan, Georgia is 9.5%, lower than the Georgia average of 10.6%.