KEY REAL ESTATE TRENDS TO WATCH IN 2023
Introduction
What’s in store for 2023? According to the National Association of Realtors (NAR), a slower year for home sellers but a potential market boom for 10 areas in the southern states. The NAR released its report late last year which outlines their predictions for the housing market in 2023.
See what is forecast for the year ahead.
Existing-Home Sales Slow
Existing-home sales are predicted to decline in 2023. According to NAR projections, in 2023 there will be 4.78 million existing-home sales. A 6.8% drop from 2022’s 5.13 million. Many buyers will be priced out of the market. While there are fewer home buyers in the market, housing demand will continue to outpace supply. The housing supply will remain limited, NAR attributes this to new home construction delays, and higher mortgage rates causing people to avoid selling their homes. With home inventory remaining tight, home prices will continue to rise overall.
Prices Remain Stable
NAR expects the annual median home prices to increase by just 0.3% in 2023 - reaching $385,000. NAR Chief Economist Lawrence Yun predicts small price gains for half the country and slight price declines for the other half – excluding markets in California which will see a more marked price drop.
Top Housing Markets To Watch
The top real estate market to watch is Atlanta. Based on key economic indicators, these are the top 10 real estate markets to watch in 2023.
- Atlanta-Sandy Springs-Marietta, Georgia
- Raleigh, North Carolina
- Dallas-Fort Worth-Arlington, Texas
- Fayetteville-Springdale-Rogers, Arkansas-Missouri
- Greenville-Anderson-Mauldin, South Carolina
- Charleston-North Charleston, South Carolina
- Huntsville, Alabama
- Jacksonville, Florida
- San Antonio-New Braunfels, Texas
- Knoxville, Tennessee
Want to maximize your real estate marketing in 2023? Get digital marketing tips to save time and sell property faster or learn how to use virtual staging to sell a listing stuck on the market.
New to BoxBrownie.com? You can sign up now and receive 4 edits free. No credit card needed.
RELATED ARTICLES
Do you have a property that has been sitting on the market for far too long? That's exactly what happened to Brittiny Howard from EXP Realty. Brittiny's property sat cold on the market for 6 months. Find out how she made a slight change to her advertising which then helped her sell her property only 7 days later.
READ MORE
Join our free Make the Switch webinar, and discover how to take high-quality property photos with ease. Learn pro tips, master SnapSnapSnap, and enhance your photography skills to transform your listings and boost results!
READ MORE
How are 3D Renders used to successfully pre-sell property for builders. Follow this example to see how External, and 360° Internal Renders were used to outsell similar listings in terms of speed, views and a much higher price.
READ MORE
Michael Jordan became a great basketball player because he developed all aspects of his game. Michael LaFido became a great realtor because he has developed a marketing repertoire to suit any property. Let’s look at these two great Michaels from Chicago, and see what else we can learn.
READ MORE
Our great mate Amy Bennett is a perfect example of how impeccable marketing can turbocharge a real estate career. Here, she talks about the power of pink and other property presentation hacks that can sell any home.
READ MORE
Whether you’re about to list a property for the first time, or just want to reassess and refresh your listing game, you’ll want to read this one. Explore our expert responses to 10 crucial questions on creating a successful property listing. From must-have content to buyer engagement strategies, this is your go-to resource for listing success.
READ MORE