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
Your feedback helps us deliver better results, faster fixes, and a smoother editing experience every time. Rate your BoxBrownie.com jobs, share what worked, and remember—if something isn’t right, free reworks are always just one click away.
READ MORE
New partnership alert! We sat down with 72SOLD’s Lead Sales Coordinator Taylor Lucido to delve into the home selling program’s streamlined marketing strategy and our exciting new partnership.
READ MORE
Leads are the seeds of real estate success. Like seeds, they require nurturing, attention and care if they are going to bear fruit. Here we’ll go over some foolproof methods of generating and nurturing real estate leads.
READ MORE
Discover how technology is revolutionizing the real estate industry in our new webinar, 'Tech-Forward Real Estate: Fostering Efficiency and Client Relationships.' Join us to explore how adopting cutting-edge tools can supercharge your productivity and help you build deeper, more meaningful connections with clients.
READ MORE
It’s never been more important to ensure your property marketing stands head and shoulders above the rest. In this blog we’ve uncovered the top marketing assets most real estate agents are missing and tell you how you can capitalize and sell your listings faster and more efficiently.
READ MORE
Every email you send should function as a way to generate new leads. Here's how to construct an email signature that says 'Hello' to new clients, even as you say 'Goodbye' at the end of your message.
READ MORE