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
The buyers are out there! But the changing face of commercial real estate has made them a little harder to find. These marketing techniques will keep your phone ringing and prevent you from being left behind in the post-pandemic commercial property market.
READ MORE
Agents across the globe swear by the power of Virtual Staging, but many don't realize they can shoot these images with their own smartphone. This post walks you through just how easy it is, so you'll never be deprived of this phenomenal marketing tool.
READ MORE
Lifestyle photos do more than show a property—they tell a story. Highlight interiors, amenities, and local surroundings to help buyers, renters, or guests envision living or staying there, boosting engagement and bookings.
READ MORE
Whether you’re about to list a property for the first time, or just want to reassess and refresh your listing game, you’ll want to read this one. Explore our expert responses to 10 crucial questions on creating a successful property listing. From must-have content to buyer engagement strategies, this is your go-to resource for listing success.
READ MORE
There are so many marketing options these days that it is easy to spread yourself too thin. These 10 tips will save you time and money and net you the best possible results.
READ MORE
Discover how technology is revolutionizing the real estate industry in our new webinar, 'Tech-Forward Real Estate: Fostering Efficiency and Client Relationships.' Join us to explore how adopting cutting-edge tools can supercharge your productivity and help you build deeper, more meaningful connections with clients.
READ MORE