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
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
When property listings fail to convert buyers, it is not always price or presentation. It is clarity. Buyers need to instantly understand how the space actually works. Floor plans are key to attracting more qualified buyers and renters. Learn how they make a difference.
READ MORE
Cold calling might be a forgotten art, but it still bears fruit. These practical tips and scripts will help you approach the art of cold calling in the Digital Age.
READ MORE
Lifestyle photos do more than show a property—they tell a story. Highlight interiors, amenities, and local surroundings to help buyers, renters, or guests envision living or staying there, boosting engagement and bookings.
READ MORE
Are your property photos attracting buyers or driving them away? Our latest video reveals common mistakes that could be turning buyers off. Discover simple, game-changing fixes to make your listings pop, grab attention, and close deals faster.
READ MORE
Sure, Instagram’s important. But potential clients are more likely to ask Google about you before they check your IG. This video shows you how to stand out from the crowd on Google, and how we can help you accomplish this important aim.
READ MORE