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
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
Michael Jordan became a great basketball player because he developed all aspects of his game. Michael LaFido became a great realtor because he has developed a marketing repertoire to suit any property. Let’s look at these two great Michaels from Chicago, and see what else we can learn.
READ MORE
Winter, spring, summer, fall – this edit has it all! Our Season Change edit is back, now part of our Virtual Renovation service. Digitally swap seasons in your property photos to boost curb appeal, keep listings fresh and more. See how your listings can shine in any season!
READ MORE
Our co-founder and professional photographer Brad Filliponi will answer all your photography questions. Discover expert tips, tricks, and techniques to enhance your real estate photography skills and capture stunning images.
READ MORE
Want to increase your chance of selling a property that’s in the construction or planning phase? Well, you’re in luck! In this article, you’ll learn more about what ‘Renders’ are, how they can captivate your prospects, appeal to them emotionally, plus how simple and affordable it is to get started.
READ MORE
He shoots … he scores. Jesse Peters tells us how glad he is that he decided to lesson-up on his smartphone and start shooting all his real estate pics himself.
READ MORE