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
Jon Sweeney transformed leasing across a 680-unit portfolio by upgrading listing photos. With sharper images and strategic virtual staging, even hard-to-rent units gained traction—cutting vacancy times and driving faster, more consistent leasing results.
READ MORE
Don’t let a little precipitation stop your shoot! Rainy days don’t have to mean gloomy photos. Whether you’re racing the clock or stuck under stormy skies, we’ve got the pro tips and editing tricks to make your property pics shine—no matter the forecast.
READ MORE
Want to maximize your off-plan property sales? Leverage the dynamic power of high-quality Renders and the use of multiple facades. Discover how this strategy provides standout visualizations, attracts more buyers, and drives sales.
READ MORE
Are you unsure of the process for creating a stunning Render? Our Render Checklist is here to help! It provides clear steps to guide you through the process, ensuring a smooth and efficient journey to achieving high-quality results.
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
Every email you send should function as a way to generate new leads. Here's how to construct an email signature that says 'Hello' to new clients, even as you say 'Goodbye' at the end of your message.
READ MORE