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
Get your team 2026-ready with our free property marketing training! We tailor each session to your team’s needs — from cost-effective photography that streamlines your marketing to creating listings that stop the scroll. Save time, boost results, and start January strong.
READ MORE
The success real estate agents experience in life after Covid will depend upon how they utilize information and embrace technology. The new reality has arrived, but it doesn’t mean that age-old wisdom no longer applies.
READ MORE
It’s time for the second installment in our Real Estate Marketing Health Check series. In this blog, we take a look at the photography for an apartment in Virginia to see what works well and what could have been done better and hopefully give you some tips and tricks for your own real estate photographer along the way.
READ MORE
If you think quality, professional real estate images aren’t in your budget – think again! For under $20 you can beautifully showcase a property that will boost listing inquiries and your brand. How? Just follow our how-to guide.
READ MORE
In this blog, we are going to go through a listing for a rental property and make suggestions on how you can take your marketing to the next level.
READ MORE
Our great mate Amy Bennett is a perfect example of how impeccable marketing can turbocharge a real estate career. Here, she talks about the power of pink and other property presentation hacks that can sell any home.
READ MORE