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
Winter, spring, summer, fall – this edit has it all! Our Season Change edit is back, now part of our Virtual Renovation service. Digitally swap seasons in your property photos to boost curb appeal, keep listings fresh and more. See how your listings can shine in any season!
READ MORE
Learn how colors drive perceptions in real estate marketing, shaping buyers' first impressions of a property. Dive into our blog for a room-by-room breakdown of color psychology's strategic role in maximizing a property’s appeal.
READ MORE
Elevate your real estate game with Virtual Staging using your iPhone and the SnapSnapSnap app. Brad, our co-founder and photography pro, shares his top tips for setting up, capturing, and editing stunning visuals that will make your listings irresistible to buyers.
READ MORE
When property listings fail to convert buyers, it is not always price or presentation. It is clarity. Buyers need to instantly understand how the space actually works. Floor plans are key to attracting more qualified buyers and renters. Learn how they make a difference.
READ MORE
In this post, we share with you some of our rich history in the technological artform of virtual staging. We’ve been acknowledged as the first, the best and the fastest virtual staging provider on the planet. Now, we are also the cheapest.
READ MORE
Our latest upgrade brings updates and messages directly to your dashboard, saving you time and simplifying your workflow. Ready to learn how it works? It’s all in this blog—click to find out more!
READ MORE