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
Want to make any property look bigger and more appealing? Check out this blog for seven super simple photography tips to instantly transform your space. Learn how to capture stunning photos that will attract more buyers or renters!
READ MORE
This interview with Charles Nitschke is a "must-listen" for builders, developers, and real estate professionals. Charles shares his cutting-edge techniques when pre-selling property including how he generated 6,600% more buyer inquiry on Zillow, how he effectively markets a product for a builder, and how he uses "clay drafts" to create interest to sell unbuilt property faster.
READ MORE
These four steps will help turn even your wildest real estate goals into achievable everyday realities. If you want to want to send your career into the stratosphere, this post will set the skyrocketing in motion.
READ MORE
Who says Australian companies can't also live the American Dream? In this post, our co-founder Brad Filliponi talks about how good it feels to be named to HousingWire.com's Tech100 for US Real Estate.
READ MORE
First impressions count, especially in the world of real estate. Find out how the revolutionary iPhone app SnapSnapSnap can help you capture stunning marketing imagery to showcase an apartment easily and in the best possible light.
READ MORE
This blog is an agent’s guide for evaluating the success of a listing, ensuring you are allocating your marketing budgets effectively and remaining adaptable in a dynamic market.
READ MORE