NAR identified 10 real estate markets that it expects to out perform other metro areas in 2023. In order, the markets are as follows:
- 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
“The demand for housing continues to outpace supply,” Yun said. “The economic conditions in place in the top 10 U.S. markets, all of which are located in the South, provide the support for home prices to climb by at least 5% in 2023.”
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:
- Better housing affordability
- Greater numbers of renters who can afford to buy a median-priced homes
- Stronger job growth
- Faster growth of information industry job
- Higher shares of the information industry in the respective local GDPs
- Migration gains
- Shares of workers teleworking
- Faster population growth
- Faster growth of active housing inventory
- Smaller housing shortages.
The bottom line is that while the growth rate of these cities will likely slow in the coming decade, they remain among the most-attractive real estate markets in the country.
For more info, see NAR’s, On the Horizon: Markets to Watch in 2023 and Beyond report.