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
Pre-market listings on platforms like Zillow present a powerful opportunity to drive early buyer interest, generate competitive bids, and secure higher sale prices. SnapSnapSnap is key to easily achieving this with your phone – find out how this app fuels faster sales!
READ MORE
Post-pandemic life is uncharted waters for the commercial real estate industry. Covid-19 has altered the way life is lived and the changes are already creating problems in the commercial sector. New, creative methods are necessary to stand out from the ever-growing crowd of available listings. BoxBrownie.com has just made a very potent method available at a dramatically lower staging cost.
READ MORE
Stevens Fine Homes saves thousands in staging and rendering costs using BoxBrownie.com. Marketing Manager Naomi Wright Bellamy credits the platform for faster turnarounds, lower costs, and consistently high-quality visuals across every listing.
READ MORE
Want your pool photos to stop the scroll? Make a splash with these 9 edits that create standout, summery vibes — boost your listing’s appeal, attract more buyers or renters, and get it sold or rented in no time.
READ MORE
You’ve heard of ‘one step at a time’. Well, if you want to succeed in real estate, you better start thinking along the lines of 10 steps at a time. Because that’s what you’ll have to do to succeed long-term in this cutthroat industry.
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