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
Elevate your real estate game with Virtual Staging using your iPhone and the SnapSnapSnap app. Brad, our co-founder and photography pro, shares his top tips for setting up, capturing, and editing stunning visuals that will make your listings irresistible to buyers.
READ MORE
Discover how Ryan Shields replaced slow, expensive photography workflows with SnapSnapSnap and BoxBrownie.com, achieving faster turnaround times, lower costs, and consistently polished listing photos.
READ MORE
Is your real estate marketing in good health? Sometimes it’s hard to know how your property marketing could be improved without an unbiased review. That’s why we’ve introduced the FREE Real Estate Marketing Health Check. In this video, we analyze the photos of a property to see how it could have been marketed better.
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
Virtual Staging is a powerful tool for showcasing properties, especially during the holiday season. Discover how to add festive charm without overdoing it! Nail it every time with these must-know dos and don'ts!
READ MORE
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