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
Want to see SnapSnapSnap in action? Watch our latest video to discover how easy it is to capture professional-quality property photos with just your iPhone. See how it works and start creating standout images that will give you an edge!
READ MORE
To sell homes that do not yet exist, you’ve gotta let the buyer see it. This is one of the biggest challenges when marketing future projects. And nothing meets this challenge like our own 3D renders.
READ MORE
Want to sell homes before they’re even built? Join our free webinar to discover how powerful renders and visuals can boost buyer confidence and fast-track your sales with proven presale strategies.
READ MORE
Selling a home as-is can be challenging, but virtual edits make it easier. Learn how digital staging, renovations, and photo enhancements help buyers see potential, boost interest, and improve results without costly repairs.
READ MORE
Whether you're an experienced real estate professional or just starting, our new webinar: How to Win Buyers With a Killer Listing, is your opportunity to gain a competitive edge. Join us and learn the secrets of creating property listings that make a lasting impression.
READ MORE
In this blog, we are going to go through a listing for a rental property and make suggestions on how you can take your marketing to the next level.
READ MORE