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
Sales inquiries are the lifeblood of a successful real estate career. Nothing generates them like exceptional marketing. These 8 tips will ensure that your listings stand out from the crowd and that buyers keep your phone a-ringing!
READ MORE
In this post, we share with you some of our rich history in the technological artform of virtual staging. We’ve been acknowledged as the first, the best and the fastest virtual staging provider on the planet. Now, we are also the cheapest.
READ MORE
Real estate is beautifully suited to be marketed via social media. If you have yet to unlock the powers of social media to the benefit of your own real estate career, a good place to start is by following the don’ts and dos suggested in this post.
READ MORE
Post-pandemic life is uncharted waters for the commercial real estate industry. Covid-19 has altered the way life is lived and the changes are already creating problems in the commercial sector. New, creative methods are necessary to stand out from the ever-growing crowd of available listings. BoxBrownie.com has just made a very potent method available at a dramatically lower staging cost.
READ MORE
Selling an empty property can be stressful... but it doesn't have to be! In this video, we speak to Jodie Hedley-Ward, a top-performing agent in Australia, who reveals her odd trick to selling empty listings faster.
READ MORE
Welcome to BoxBrownie.com. Get set up quickly for professional property photo edits with 4 free trials. Access your dashboard, how-to videos, photography app, and expert resources to save time and elevate listings.
READ MORE