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
Learn how photo enhancement improves accuracy in property marketing by correcting camera limitations. Create true-to-life images that build trust, attract buyers, and elevate your listings.
READ MORE
We sat down with the broker and owner of NextHome Next Stepp, Wendy Anderson, to chat all things property marketing, and how she leverages our app and free AI Copywriting service into her team’s workday.
READ MORE
It’s a 360° camera shoot-out! Read to find out how three 360° cameras rank when it comes to shooting panoramic property images and decide which one is the best for your real estate photography needs.
READ MORE
BoxBrownie.com Global Director of Sales Marketing & Revenue Peter Schravemade has produced this report with a snapshot of Visual Listing Marketing in the United States of America.
READ MORE
Selling an empty property can be stressful... but it doesn't have to be! In this video, we speak to Jodie Hedley-Ward, a top-performing agent in Australia, who reveals her odd trick to selling empty listings faster.
READ MORE
Don't miss out on invaluable insights! Explore the compelling reasons why BoxBrownie.com’s upcoming free webinar is a must-attend. Elevate your knowledge, stay ahead, and unlock success with key takeaways from industry leaders. Secure your spot now!
READ MORE