We live for headlines and this one stuck out to us as it hits close to home! Hint: Our HQ is right here in Atlanta. According to NAR, Atlanta is forecast to be the U.S.’s top property market next year. Let's dive into the data.
As 2023 approaches, Atlanta is poised to be at the forefront of America's housing market growth. Researchers from the National Association for REALTORS® identified a trifecta of reasons behind this potential boom: affordability, population increase and booming job opportunities. These opportunities are attracting major tech giants like Apple, Google, Microsoft, State Farm and Visa in recent years to the Atlanta metro area. Moreover 20% more renters can buy into median-priced homes than across other U.S cities - making it an ideal opportunity for those wanting to get on board with real estate investments!
The National Association of Realtors (NAR) found that only Atlanta fully satisfied all 10 predicted indicators for a successful real estate market; the Atlanta metro stood out among 179 others analyzed.
NAR Identified the Following Top 10 Real Estate Markets to Watch in 2023
- 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.
NAR explored a few select markets with attractive features that make them stand out from the crowd. These locations offer more affordable housing, growing job opportunities and an expanding population of renters who are able to transition into homeownership. In addition, there's been an uptick in available homes on the market easing any potential shortage issues while still meeting current demand levels.
Overall, home prices will continue to be on the rise this year, but not as sharply according to NAR. Nationwide median home prices are tipped to grow by just 0.3% compared with a 9.6% increase in 2022 - reaching an average of $385,800 according to NAR estimates. On the other hand, it's likely we'll see fewer transactions overall – down 6% from 5 million this past year dropping back to 4 million projected sales for 2023. Despite a cooling US housing market, this 2023 forecast predicts that the South will still be an attractive region for buying and selling homes. Bring on 2023!