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 more Airbnb bookings without breaking the bank? Our latest video reveals how to capture stunning listing photos using just your phone and create professional floor plans. With expert tips from Brad, marketing your Airbnb is now easier than ever.
READ MORE
Discover how Ryan Shields replaced slow, expensive photography workflows with SnapSnapSnap and BoxBrownie.com, achieving faster turnaround times, lower costs, and consistently polished listing photos.
READ MORE
This blog is an agent’s guide for evaluating the success of a listing, ensuring you are allocating your marketing budgets effectively and remaining adaptable in a dynamic market.
READ MORE
Are you up to date with marketing best practice when using virtual staging? Virtual staging is a powerful tool in real estate marketing, but there are some marketing must-dos when using it. Ensure you are marketing ethically by sticking to these 5 key rules when using virtual staging.
READ MORE
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
Are you struggling to sell a property because the backyard looks like a dump? You’re not alone! Find out how you can use a “Virtual Renovation” to help you overcome this objection, connect with your buyers and ultimately seal the deal.
READ MORE