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
Are you one of those agents who doesn't want to spend ALL their time working their social media? These 10 simple post ideas will help you get the max out of social media with a minimum amount of time and effort.
READ MORE
Harness the power of technology and add a dynamic layer to your marketing with these 5 tips that will not only save you time, build your brand, and generate new leads but will also sell your listings faster.
READ MORE
We just picked up the brand new iPhone 14 and one thing is abundantly clear – it is insane at taking high-quality photos! In this video, we shoot an apartment using Apple’s latest tech to showcase how much of a weapon the iPhone 14 is. Check it out now!
READ MORE
Did you know that a Floor Plan can increase clickthrough by up to 52%? That’s a lot of traffic (and potential sales) you're missing if you don't include one with your listings! Here are 5 ways that Floor Plans are a marketing must.
READ MORE
Trying to sell a property with enormous potential but in desperate need of a renovation? In this blog we will show you just how effective, quick and easy it is to showcase your property vision using our Virtual Renovation edit, even when the home is in need of some tender love and care.
READ MORE
Elevate your property marketing with our new Tailored 3D Floor Plans! These customized floor plans offer unmatched detail and accuracy and are ideal for new constructions, multi-family properties, high-end homes, and top-notch marketing campaigns,
READ MORE