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
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
Drone photography services can achieve sensational real estate photos, but poorly presented drone footage (far too common in this industry) can bore, uninspire, even repel a potential buyer. Clients who know what they are looking for, want to know what they are looking at. Simple on-screen graphics that orient clients to important details, like, for example, property boundaries, can do wonders for aerial photographs. Here, we will prove this to you via the Before and After method.
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
Elevate your real estate photography with Brad's expert tips! Learn how to prepare properties, capture stunning angles, and master the “hero shot.” Discover how SnapSnapSnap turns daylight photos into eye-catching dusk images. Watch now!
READ MORE
We often mention that presentation is the key to selling property. In this case, it’s not how you present the property that is most crucial - it’s how you present yourself, your knowledge, and your ability to sell the property that counts the most.
READ MORE
We recently sat down with the Bernardi Group Listing Manager Stephanie Borge to talk about their signature property listings and unique client service and what it takes to get a listing to meet the company’s first-rate standard.
READ MORE