Whether you’re a seasoned real estate professional or someone who casually scans listings from time to time, you’ve probably noticed that The real estate market in 2022 was a little hard to follow periodically. Like 2021, most experts indicated that this year was mostly a seller’s marketbut what is in store for 2023?
The economic research team at Realtor.com has made several predictions, including what they expect real estate markets experiencing the greatest growth in 2023. Here’s what you need to know.
Forecasts for housing markets are positioned for the highest growth in 2023
With mortgage interest rates having skyrocketed over the past few months, many potential buyers have decided to put off buying houses— even if the price of the property itself has fallen.
But according to the experts at Realtor.comthere are some metropolitan areas that still have a decent amount of (relatively) affordable housing and have seen sales and price growth in 2022, which is predicteded to continue growing during 2023. These are:
1. Hartford, Connecticut
Median house price in November 2022: $372,400
Price change in 2023: 8.5%
Change in sales in 2023: 6.5%
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2. El Paso, Texas
Median house price in November 2022: $290,500
Price change in 2023: 5.4%
Change in sales in 2023: 8.9%
3. Louisville, Kentucky
Median house price in November 2022: $290,000
Price change in 2023: 8.4%
Change in sales in 2023: 5.2%
4. Worcester, Massachusetts
Median house price in November 2022: $447,500
Price change in 2023: 10.6%
Change in sales in 2023: 2.5%
5. Buffalo, New York
Median house price in November 2022: $239,000
Price change in 2023: 6%
Change in sales in 2023: 6.3%
6. Augusta, Georgia
Median house price in November 2022: $318,900
Price change in 2023: 5.7%
Change in sales in 2023: 6.2%
7. Grand Rapids, Michigan
Median house price in November 2022: $358,300
Price change in 2023: 10%
Change in sales in 2023: 1.6%
8. Columbia, South Carolina
Median house price in November 2022: $300,400
Price change in 2023: 3.6%
Change in sales in 2023: 7.7%
9. Chattanooga, Tennessee
Median house price in November 2022: $396,500
Price change in 2023: 8.2%
Change in sales in 2023: 2.9%
10. Toledo, Ohio
Median house price in November 2022: $161,100
Price change in 2023: 6.7%
Change in sales in 2023: 4.2%
For more information about these rankings, real estate markets and Realtor.com’s methodology, view the full report.
