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
Discover how to virtually stage any property using just your phone with the SnapSnapSnap app. Capture, enhance, and transform empty rooms into beautifully styled spaces in minutes — no expensive equipment or experience required.
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
Once you’re comfortable with the general dos and don’ts of social media marketing, you can really start to amass a following. Here are some ways agents have let their personalities, talents and interests build momentum in their online marketing efforts.
READ MORE
Confused by HDR? Discover what it is, why it can dramatically improve your property photos, and how we make creating stunning, balanced images effortless.
READ MORE
In our latest video, Brad shares essential photography tips while reviewing images taken by real estate agents with SnapSnapSnap. Find out what works and what can be improved. With Brad’s insights – you can maximize every shot you take!
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