Cobb County Market Report: Cobb housing market anticipating a field of dreams

By Karen Cohen – Contributing Writer

Feb 1, 2017

Cobb County will soon be home to its newest resident, the Atlanta Braves, as the team relocates to SunTrust Park this spring. The 41,500-seat stadium and integrated mixed-use development will sit at the northwest intersection of I-75 and I-285.

As the team settles into its new home, it will bring new visitors, residents and employees to the area. Its impact on the Cobb County housing market remains to be determined, but many housing experts remain optimistic.

According to Zillow, the current median home value in Cobb County is $221,300 and the median price of homes currently listed is $275,000. The county has also seen home values go up 10.2 percent over the past year and Zillow predicts they will rise 5.4 percent within the next year.

“I think Cobb will see both quicker sales and higher prices as a result of the new SunTrust Park,” said Marilyn Cheney, president of Cobb Association of Realtors and managing broker at ERA Sunrise Realty. “The first part of 2016, we were still experiencing a shortage of inventory. That has leveled off somewhat, but sales are still strong and more inventory is needed to meet the demand.”

While the entire county’s housing market will be impacted, the areas closest to SunTrust Park are expected to see the greatest effect.

“There are higher sales in both Smyrna and Vinings compared to other areas in Cobb County. The housing market and new construction is booming, selling high and fast,” said Phyliss Graham, past president of Cobb Association of Realtors and Realtor with Coldwell Banker Residential Brokerage.

As many Cobb homes are older, there is a current renovation trend to get houses ready to sell. “The average age of Cobb homes is 25 plus years,” said Bruce Ailion, vice president of administration and finance of Cobb Association of Realtors. “Flipping houses is strong in the area. Buyers like fresh and renovated homes.”

The added attention SunTrust Park has brought to Cobb County has many homeowners updating their homes. “Homeowners are updating their homes and investors are purchasing and renovating, taking advantage of the buzz of what is coming to the area,” said Graham.

The stadium itself isn’t the only new attraction. The Battery Atlanta is the mixed-use development SunTrust Park will anchor. It will include 400,000 square feet of retail and office space, new chef-driven restaurants, the Omni Atlanta Hotel featuring 260 guest rooms and suites, a 53,000-square-foot entertainment venue and 550 residential options.

The stadium and The Battery will bring additional jobs to the area and in turn increase the demand for housing. “Employees of SunTrust Park will want to live close to work,” said Graham.

Graham states the Cumberland Community Improvement District reports more than 5,200 jobs have been or will be created by the ballpark construction, generating $235 million in earnings for metro Atlanta. More than 1,600 of the jobs will be in Cobb County. And visitor spending will produce $8.9 million in Cobb. “One would hope this would have a positive impact on housing,” said Graham.

“There is a higher interest in Cobb County now,” Ailionsaid. “This is particularly true among younger buyers who are looking for nightlife activities with suburban amenities. SunTrust Park and the surrounding restaurants provide entertainment the county didn’t have before.”

The new stadium however has raised many traffic concerns for current and potential Cobb residents. “We live in Atlanta. Our traffic is not just SunTrust Park,” said Wendy Bunch, broker at Re/Max PURE. “The DOT has been aggressively working on roads, highways and corridors to improve traffic conditions. The Braves organization has also taken into consideration their schedule of game times, day games, night games, and away games, to hopefully provide a schedule that is a positive traffic flow on game days.”