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
Elevate your property marketing with our new Tailored 3D Floor Plans! These customized floor plans offer unmatched detail and accuracy and are ideal for new constructions, multi-family properties, high-end homes, and top-notch marketing campaigns,
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
The NAR Home Buyers and Sellers Generational Trends Report is a treasure trove of market research that every agent should read. This post shares five "secrets" of the report that can help sell more homes, for more money, faster.
READ MORE
Drone photography services can achieve sensational real estate photos, but poorly presented drone footage (far too common in this industry) can bore, uninspire, even repel a potential buyer. Clients who know what they are looking for, want to know what they are looking at. Simple on-screen graphics that orient clients to important details, like, for example, property boundaries, can do wonders for aerial photographs. Here, we will prove this to you via the Before and After method.
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
Want some inspiration and motivation? Explore some of the top resources we recommend that will spur you on to greater success in 2024. Discover eight stimulating resources that can help propel your real estate business to a higher level through expert tips and transformational stories.
READ MORE