With 2023 approaching rapidly, many real estate professionals have turned their eyes to the future to gain some understanding of which direction the housing market will move in throughout the coming year. Towards that end, new research from the National Association of Realtors has revealed that beginning with the New Year, the housing market's best and most prosperous location is likely to be found in neighborhoods in the southern United States.
According to the NAR's research, while much of the South is poised to perform admirably well in 2023, the big winner is none other than Atlanta. The "New York of the South" is currently living up to its nickname for several reasons, with the first being more attractive affordability options for housing when compared to other cities of its size and demographics. This has led to Atlanta's population ballooning recently, with statistics showing strong growth - something that is sure to create plenty of opportunities for real estate professionals. Another attractive point when it comes to just why Atlanta is at the top of the charts for 2023 is how a median-priced home in the city is priced to move.
In fact, the NAR found that 20 percent of renters in the Big Peach can afford to buy one of these homes, which is well above the national average. Additionally, the job market for Atlanta is growing strongly, especially since tech companies like Visa, Microsoft, and Apple are all moving some of their operations from Silicon Valley and other West Coast locations to this city. It's these "information industry" jobs that are making perhaps the biggest difference when it comes to making these regions more attractive, as this is one of the fastest-growing sectors of the economy.
The ATL is sitting pretty to be sure, but the rest of the South is looking almost as good, according to the NAR's research. While a national housing slowdown is underway due to economic conditions like rampant inflation and the US Federal Reserve Bank's attempts to curb it by raising interest rates, the top 10 real estate markets in the US are all located in the South. The NAR predicts that home prices are likely to increase by a minimum of 5 percent in these markets throughout the entirety of 2023.
This is good news indeed for real estate professionals that have been watching the market carefully over the past year. While both demand and home prices have been reaching historic highs over the course of 2022, such increases are unlikely to continue across the board due to economic conditions both globally and nationwide. It's therefore a relief for many real estate agents and investors to see that there are indeed real estate markets that will be exhibiting good growth in the coming year.
These top 10 markets, listed in order of potential growth by the NAR, are as follows:
1. The Atlanta region (including Sandy Springs and Marietta, Georgia)
2. Raleigh, North Carolina
3. The Dallas-Fort Worth-Arlington metroplex, Texas
4. The Arkansas-Missouri border near the regions of Fayetteville, Springdale, and Rogers
5. The Greenville-Anderson-Mauldin region of South Carolina
6. The Charleston and North Charleston neighborhoods of South Carolina
7. Huntsville, Alabama
8. Jacksonville, Florida
9. The San Antonio-New Braunfels region, Texas
10. Knoxville, Tennessee
Real estate agents that live or work in any of these ten markets need to prepare now for additional interest in these neighborhoods to capitalize on the renewed interest they are sure to generate into 2023. Taking steps now to build a better marketing presence focusing on the positive aspects of these markets will be beneficial going forward. Emphasize your knowledge of specific neighborhoods, their unique qualities, and the amenities they offer to new residents to establish yourself as an expert.
Yet there's hope for real estate professionals who don't work in these regions as well. Those interested in moving to one of these locations will often need to finance their relocation by putting their existing home on the market. Real estate agents can focus on seeking out prospective sellers for listing to manage and focus on marketing those listings as effectively as possible. Be sure to leverage new technological approaches to generate extra buzz for these properties and you'll likely see more success than you would otherwise.
As technology evolves, it has become easier to access information, from our accounts to those…
When it comes to investing in real estate, purchasing income properties can be the biggest…
“Unskippable,” a new video marketing series created by Twitter, has been making serious waves since…
Everyone who reads a lot of books needs a bookcase. This article will tell you…
VA appraisals and VA inspections are often confused, but they are different. A VA appraisal…
With 40 million people on the move each year, there's a clear need and market for real…