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
If you want to start or keep the momentum going in your real estate career, these 10 proven lead generation techniques will keep things rolling even if the market slows down.
READ MORE
Agents across the globe swear by the power of Virtual Staging, but many don't realize they can shoot these images with their own smartphone. This post walks you through just how easy it is, so you'll never be deprived of this phenomenal marketing tool.
READ MORE
Looking to boost your property marketing? Discover the easiest way to create a Virtual Tour for real estate listings with this step-by-step video guide. From selecting the best 360° camera to editing your photos and creating an interactive experience, Brad covers everything you need to know.
READ MORE
Pictures are worth a thousand words – and a whole lot of trust. Read to discover the ways real estate professionals can leverage photography to establish and strengthen client trust.
READ MORE
Think you need a DSLR for pro property photos? Think again. Learn how to capture stunning, market-ready shots using just your iPhone, SnapSnapSnap, and our Image Enhancement edit — even in rainy weather.
READ MORE
Don’t let a little precipitation stop your shoot! Rainy days don’t have to mean gloomy photos. Whether you’re racing the clock or stuck under stormy skies, we’ve got the pro tips and editing tricks to make your property pics shine—no matter the forecast.
READ MORE