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. 

  1. Atlanta-Sandy Springs-Marietta, Georgia 
  2. Raleigh, North Carolina 
  3. Dallas-Fort Worth-Arlington, Texas 
  4. Fayetteville-Springdale-Rogers, Arkansas-Missouri 
  5. Greenville-Anderson-Mauldin, South Carolina 
  6. Charleston-North Charleston, South Carolina 
  7. Huntsville, Alabama 
  8. Jacksonville, Florida 
  9. San Antonio-New Braunfels, Texas 
  10. 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

MARKET YOUR PROPERTY LIKE A PRO FOR UNDER US$65

Create professional property listings affordably with high-quality photos, aerial images, virtual tours, and floor plans — all achievable for under $65!

READ MORE
HOW TO SELL A PROPERTY THAT NEEDS A RENOVATION

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
DIGITAL MARKETING TIPS TO SAVE TIME AND SELL PROPERTY FASTER

Harness the power of technology and add a dynamic layer to your marketing with these 5 tips that will not only save you time, build your brand, and generate new leads but will also sell your listings faster.

READ MORE
SKY'S THE LIMIT: ETHICAL REAL ESTATE MARKETING WITH SKY REPLACEMENT

Want to know the dos and don'ts of using sky replacement in real estate photography? Learn how to ethically market property photos using this editing technique. Discover what's allowed, what's unethical, when to use it, and how it can benefit your property listings.

READ MORE
7 BENEFITS OF SHADOW REMOVAL EDITING IN PROPERTY PHOTOS

Discover the transformative power of shadow removal in property photography. Make images brighter, bolder, and more inviting. Explore seven powerful reasons why this technique is a game-changer for your marketing—capturing more attention and converting more buyers and renters.

READ MORE
IS YOUR PROPERTY STUCK ON THE MARKET? TRY THIS…

Are you struggling to sell your listing? Has it been sitting on the market for far too long? We're having the exact same problem too! One of our staff members has a property that's been sitting on the market for 11 weeks. So to get it sold faster, we're utilizing an online advertising platform called Adwerx to generate more interest in the property.

READ MORE
LET’S WORK TOGETHER