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
Discover seven powerful ways one simple edit can turn dull property photos into eye-catching listings. From brighter skies to greener lawns, Image Enhancement isn’t just a nice touch — it’s essential.
READ MORE
Discover the best disclaimers to use in real estate marketing and when to use them. Find out why disclaimers are often essential for real estate professionals to ensure transparency, meet requirements, and manage expectations for potential viewers.
READ MORE
It’s time for the second installment in our Real Estate Marketing Health Check series. In this blog, we take a look at the photography for an apartment in Virginia to see what works well and what could have been done better and hopefully give you some tips and tricks for your own real estate photographer along the way.
READ MORE
Transform furnished listings into buyer magnets with Virtual Staging. Learn step by step how to create a polished, irresistible property that grabs attention, generates more inquiries, and sells faster.
READ MORE
Forming the right habits can be a huge part of real estate success. These seven habits are common amongst the highest achieving real estate agents. It's never too late to pick up one, two, or all of them yourself!
READ MORE