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
Confused by HDR? Discover what it is, why it can dramatically improve your property photos, and how we make creating stunning, balanced images effortless.
READ MORE
Sales inquiries are the lifeblood of a successful real estate career. Nothing generates them like exceptional marketing. These 8 tips will ensure that your listings stand out from the crowd and that buyers keep your phone a-ringing!
READ MORE
BoxBrownie.com announces a new partnership with The Keyes Company and Illustrated Properties, empowering agents with expert photo editing and cutting-edge marketing tools. Find out more about this exciting new partnership!
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
Great photos drive bookings in the short-stay rental market. Discover how The Holiday Home Girls help owners style properties, capture standout images, and use SnapSnapSnap with BoxBrownie.com to create polished, booking-ready listing photos.
READ MORE
Yes, Virtual Tours saved the housing market during the pandemic, but they're even more important now. Here are eight ways that Virtual Tours can "vaccinate" your real estate career against a market slowdown.
READ MORE