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
Looking for more real estate leads? If you’re not using Facebook to find them, you should be. Follow our lead in this post, and you’ll be one happy real estate agent!
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
The verdict’s been in on virtual staging for a few years now - it works. Now, with the National Association of Realtors reporting that 97% of home buyers use the internet to find property, its power is only increasing.
READ MORE
This interview with Charles Nitschke is a "must-listen" for builders, developers, and real estate professionals. Charles shares his cutting-edge techniques when pre-selling property including how he generated 6,600% more buyer inquiry on Zillow, how he effectively markets a product for a builder, and how he uses "clay drafts" to create interest to sell unbuilt property faster.
READ MORE
BoxBrownie.com announces a new partnership with The Keyes Company and Illustrated Properties, empowering agents with expert photo editing and cutting-edge marketing tools. Find out more about this exciting new partnership!
READ MORE
Marketing ideas that you should be taking advantage of in these moments of adjustment, discussing how your smartphone can make awesome pictures to sell your property faster, new and non-traditional sales methods, and ideas and advice that you can run with when property access becomes tricky.
READ MORE