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
Confused by HDR? Discover what it is, why it can dramatically improve your property photos, and how we make creating stunning, balanced images effortless.
READ MORE
When the pandemic hit, demand for 360° virtual tours skyrocketed. This post looks at the astonishing ascent of the virtual tour over the past three years. It’s an ascent that continues, even though virtual tours have already become the most important marketing tool in real estate.
READ MORE
Ready to stand out and get more leads? Explore five free BoxBrownie.com resources designed to help you capture better photos, streamline your workflow, and create standout listings that drive faster results.
READ MORE
Pictures are worth a thousand words – and a whole lot of trust. Read to discover the ways real estate professionals can leverage photography to establish and strengthen client trust.
READ MORE
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
3D Floor Plans are easier to create than you think and more powerful than most people know. If you are one of the 85% of agents who don't include Floor Plans with their listings, this post will show you what a huge share of the market you might be missing.
READ MORE