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 your real estate listings and attract buyers with the ideal interior style. Discover how to effortlessly match your property to six stunning styles. Follow our expert tips to create an inviting, memorable space that stands out in the market.
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
Never, in the history of real estate has so much out-of-the box thinking been required when putting together a marketing plan for the year ahead. In these ‘altered’ times, virtual solutions can be nothing short of salvational to the real estate trade. Instantly shareable, eternally keepable, quick and cheap to accomplish and completely immune from social distancing requirements, Virtual Staging and the 360° Virtual Tour are the two most unstoppable forces in real estate marketing today.
READ MORE
Real estate listings with aerial photos sell faster than those without, and 73% of sellers would rather list with agents who use aerial photos. It's really a no-brainer, aerial pics can be a lifesaver!
READ MORE
Our co-founder and professional photographer Brad Filliponi will answer all your photography questions. Discover expert tips, tricks, and techniques to enhance your real estate photography skills and capture stunning images.
READ MORE
In real estate marketing image truly is everything. These nine photography tips will help your listings pop from the page and stop property shoppers in their tracks.
READ MORE