Top 10 Housing Markets in 2023
What will be the fastest growing housing markets in 2023? The National Association of REALTORS® predicts the Top 10 fastest-growing markets.
Get help buying! Susie can connect you to local agent experts to explore relocating or investing in these hot markets:
2023 Home Sales Prediction
WASHINGTON (December 13, 2022) – Lawrence Yun, NAR chief economist and senior vice president of research, forecasts that 4.78 million existing homes will be sold, prices will remain stable, and Atlanta will be the top real estate market to watch in 2023 and beyond.
Yun predicts home sales will decline by 6.8% compared to 2022 (5.13 million) and the median home price will reach $385,800 – an increase of just 0.3% from this year ($384,500). Yun expects rent prices to rise 5% in 2023, following a 7% increase in 2022.
This photo is of a water-side house in Point Richmond, on Sanderling Island — a paradise for boaters where many homes have deep water docks. This area is a haven for retirees and lovers of Bay-side lifestyles. -Susie
2023 Interest Rate Forecast
Yun forecasts U.S. GDP will grow by 1.3%, roughly half the typical historical pace of 2.5%. After eclipsing 7% in late 2022, he expects the 30-year fixed mortgage rate to settle at 5.7% as the Fed slows the pace of rate hikes to control inflation. Yun noted this is lower than the pre-pandemic historical rate of 8%.
This photo is in Temescal, one of Oakland's popular neighborhoods for its vibrant restaurant scene. With easy access to BART, Children's Hospital and UC Berkeley, a neighborhood like Temescal tends to maintain its home values. -Susie
2023 Top 10 Housing Markets to Watch
NAR identified 10 real estate markets that it expects to outperform other metro areas in 2023. In order, the markets are as follows: NAR selected the top 10 real estate markets to watch in 2023 based on how they compared to the national average on the following economic indicators: 1) better housing affordability; 2) greater numbers of renters who can afford to buy a median-priced home; 3) stronger job growth; 4) faster growth of information industry jobs; 5) higher shares of the information industry in the respective local GDPs; 6) migration gains; 7) shares of workers teleworking; 8) faster population growth; 9) faster growth of active housing inventory; and 10) smaller housing shortages.
Raleigh, North Carolina
Dallas-Fort Worth-Arlington, Texas
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