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
Don't think virtual staging is for luxury listings? Think again! We’ll show you how to transform high-end properties into stunning, buyer-ready homes. Boost engagement, accelerate sales, and make your listings stand out in a competitive market!
READ MORE
These four steps will help turn even your wildest real estate goals into achievable everyday realities. If you want to want to send your career into the stratosphere, this post will set the skyrocketing in motion.
READ MORE
Marketing ideas that you should be taking advantage of in these moments of adjustment, discussing how your smartphone can make awesome pictures to sell your property faster, new and non-traditional sales methods, and ideas and advice that you can run with when property access becomes tricky.
READ MORE
Are you struggling to sell your listing? Has it been sitting on the market for far too long? We're having the exact same problem too! One of our staff members has a property that's been sitting on the market for 11 weeks. So to get it sold faster, we're utilizing an online advertising platform called Adwerx to generate more interest in the property.
READ MORE
Discover how Tom Lyons and his team are transforming property marketing in Belleville, Ontario, with SnapSnapSnap. By capturing stunning HDR images directly from a phone, they’re saving time, reducing costs, and delivering exceptional service. Read now!
READ MORE
Staging is key to creating a strong first impression when selling a property. We offer ten distinct Virtual Staging styles to suit various tastes and property types. Explore our range of styling options and find the best look to stand out and attract buyers.
READ MORE