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
Agents across the globe swear by the power of Virtual Staging, but many don't realize they can shoot these images with their own smartphone. This post walks you through just how easy it is, so you'll never be deprived of this phenomenal marketing tool.
READ MORE
Sure, Instagram’s important. But potential clients are more likely to ask Google about you before they check your IG. This video shows you how to stand out from the crowd on Google, and how we can help you accomplish this important aim.
READ MORE
Consistent branding across listings is a vital component of building a strong and lasting first impression with potential buyers. This blog will show you how to leverage the often-overlooked power of a branded floor plan so that your listings stand out from the crowd.
READ MORE
We often mention that presentation is the key to selling property. In this case, it’s not how you present the property that is most crucial - it’s how you present yourself, your knowledge, and your ability to sell the property that counts the most.
READ MORE
Want to generate more online clicks for your listing? Learn the performance tools high performing agents use to generate more leads which turn into more buyers.
READ MORE
Trying to sell a property with enormous potential but in desperate need of a renovation? In this blog we will show you just how effective, quick and easy it is to showcase your property vision using our Virtual Renovation edit, even when the home is in need of some tender love and care.
READ MORE