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
Transform furnished listings into buyer magnets with Virtual Staging. Learn step by step how to create a polished, irresistible property that grabs attention, generates more inquiries, and sells faster.
READ MORE
Our co-founder, Brad Filliponi, reveals four must-have strategies to create a property listing that grabs buyers' attention. Master these techniques to elevate your real estate marketing and craft compelling listings that truly showcase properties at their finest.
READ MORE
In this post, we share with you some of our rich history in the technological artform of virtual staging. We’ve been acknowledged as the first, the best and the fastest virtual staging provider on the planet. Now, we are also the cheapest.
READ MORE
Want personalized property marketing training for your team? The property market is evolving fast—stay ahead with our exclusive virtual training sessions tailored specifically for your team.
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
3D Floor Plans are easier to create than you think and more powerful than most people know. If you are one of the 85% of agents who don't include Floor Plans with their listings, this post will show you what a huge share of the market you might be missing.
READ MORE