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
Explore seven essential tips to capture an impressive real estate hero shot. From perfect timing and lighting to staging and post-editing, implement these strategies to make a lasting impression on house hunters and close more deals.
READ MORE
Forming the right habits can be a huge part of real estate success. These seven habits are common amongst the highest achieving real estate agents. It's never too late to pick up one, two, or all of them yourself!
READ MORE
Want some inspiration and motivation? Explore some of the top resources we recommend that will spur you on to greater success in 2024. Discover eight stimulating resources that can help propel your real estate business to a higher level through expert tips and transformational stories.
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
Want to sell homes before they’re even built? Join our free webinar to discover how powerful renders and visuals can boost buyer confidence and fast-track your sales with proven presale strategies.
READ MORE
Are your property photos attracting buyers or driving them away? Our latest video reveals common mistakes that could be turning buyers off. Discover simple, game-changing fixes to make your listings pop, grab attention, and close deals faster.
READ MORE