By: Stessa
Market predictions and spotlights are leading the headlines as we look to close off 2022 and see what the new year has in store for real estate investors. What markets will outperform in 2023? There were several key reports released last week worth highlighting, starting with Danielle Hale, Chief Economist at Realtor.com. Realtor.com explores the top ten markets projected sales and price growth next year. In a challenging time for real estate markets generally, these markets are expected to outperform.
Source: Realtor.com (December 2022)
The National Association of Realtors (NAR) also recently made market predictions for 2023, highlighting that the South will see the majority of the growth in 2023. Atlanta took the top spot for 2023 growth, due to “greater housing affordability than comparable cities, its population is growing more rapidly and 20% of renters there can afford to buy a median-priced home—higher than the national average.”
Atlanta-Sandy Springs-Marietta, Ga.
Raleigh, N.C.
Dallas-Fort Worth-Arlington, Texas
Fayetteville-Springdale-Rogers, Ark.-Mo.
Greenville-Anderson-Mauldin, S.C.
Charleston-North Charleston, S.C.
Huntsville, Ala.
Jacksonville, Fla.
San Antonio-New Braunfels, Texas
Knoxville, Tenn.
In terms of affordability, Zillow ranked the top 10 metros for first time homebuyers in 2023. The following markets have lower rents, making it easier to save for a downpayment, and have higher supplies of homes than other cities.
Wichita, KS
Toledo, OH
Syracuse, NY
Akron, OH
Cleveland, OH
Tulsa, OK
Detroit, MI
Pittsburgh, PA
St Louis, MO
Little Rock, AR
Finally, as we enter 2023 amidst a cooling housing market, Redfin highlights the top markets that are better poised to handle a downturn. Redfin ranked these markets based on year over year changes in a number of statistics including demand and competition.
Lake County, IL
Chicago, IL
Milwaukee, WI
Albany, NY
Baltimore, MD
Elgin, IL
Rochester, NY
Pittsburgh, PA
New Haven, CT
Hartford, CT