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
Virtual Tours have revolutionized real estate marketing, but are you using them ethically? Learn how to maintain transparency, accuracy, and respect for potential buyers to build trust virtually. Discover the key considerations and best practices for leveraging Virtual Tours in your listings.
READ MORE
Selling a home as-is can be challenging, but virtual edits make it easier. Learn how digital staging, renovations, and photo enhancements help buyers see potential, boost interest, and improve results without costly repairs.
READ MORE
New partnership alert! We sat down with 72SOLD’s Lead Sales Coordinator Taylor Lucido to delve into the home selling program’s streamlined marketing strategy and our exciting new partnership.
READ MORE
Want to make any property look bigger and more appealing? Check out this blog for seven super simple photography tips to instantly transform your space. Learn how to capture stunning photos that will attract more buyers or renters!
READ MORE
Yes, cold calling still works. But if you don’t want to do it, you no longer have to. Here are some great ways to hang up the phone on cold calling forever.
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