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
Find out why you should be enhancing your real estate photos - it's not only the ethical way to market real estate, but it corrects inaccuracies and provides a truer representation of the property.
READ MORE
Elevate your listings in our free SnapSnapSnap webinar! Learn to capture stunning property photos using your iPhone, master simple staging tips, and explore our exclusive 4-week bootcamp to boost your photography skills and transform your marketing.
READ MORE
Want your pool photos to stop the scroll? Make a splash with these 9 edits that create standout, summery vibes — boost your listing’s appeal, attract more buyers or renters, and get it sold or rented in no time.
READ MORE
Navigate the world of residential Renders with confidence! Renders are the ultimate selling tool when marketing properties in the construction phase or are planned for development. Explore our comprehensive guide on selecting the ideal Render for every scenario.
READ MORE
Boy have times changed! It was not many years ago when floor plans were not only hard to come by, but they were expensive, difficult to produce and fraught with copyright regulations that left them out of most marketing packages. BoxBrownie.com has solved all of these problems. Here we will show you how easy, inexpensive and quick it can be to acquire a 2D or 3D floor plan for any listing. It’s a win-win situation for buyers, sellers, and agents alike!
READ MORE
The market may be cooling, but there are still plenty of buyers out there. These seven pointers will help you find them, wow them, and sell them property no matter how hot or cold the market may be.
READ MORE