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
If you're an agent who uses video tours instead of Virtual Tours, your listings might not be attracting the interest they should be. Here we look at why buyers increasingly prefer Virtual Tours over video walkthroughs.
READ MORE
Transform furnished listings into buyer magnets with Virtual Staging. Learn step by step how to create a polished, irresistible property that grabs attention, generates more inquiries, and sells faster.
READ MORE
Want your property photos to stand out without reshoots? Discover 7 smart virtual clean tricks you may not know about — easy edits that make your listing photos flawless. Perfect for agents, property managers, Airbnb hosts, and builders alike!
READ MORE
Cold calling might be a forgotten art, but it still bears fruit. These practical tips and scripts will help you approach the art of cold calling in the Digital Age.
READ MORE
This blog is an agent’s guide for evaluating the success of a listing, ensuring you are allocating your marketing budgets effectively and remaining adaptable in a dynamic market.
READ MORE