Photo: Maria Dryfhout (Shutterstock)
Whether you’re a seasoned real estate professional or someone who casually browses listings from time to time, you’ve probably noticed that the 2022 housing market has been a bit difficult to follow at times. Like 2021, most experts have pointed out that this year has been largely a seller’s market, but what’s in store for 2023?
Realtor.com’s economic research team has made some predictions, including what they expect for the real estate markets that will see the greatest growth in 2023. Here’s what you should know.
Forecasts for the real estate markets positioned for the greatest growth in 2023
As mortgage rates have skyrocketed in recent months, many potential buyers have chosen to hold off on buying homes — even if the price of the property itself has fallen.
But according to Realtor.com experts, there are some metro areas that still have a decent amount of (relatively) affordable housing and that have seen rising sales and prices in 2022, which are expected to continue rising throughout 2023. That’s them :
1.Hartford, Connecticut
Average list price for homes in November 2022: $372,400
Price change 2023: 8.5%
Change in turnover 2023: 6.5%
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2. El Paso, Texas
Average list price for homes in November 2022: $290,500
Price change 2023: 5.4%
Change in turnover 2023: 8.9%
3.Louisville, Kentucky
Average list price for homes in November 2022: $290,000
Price change 2023: 8.4%
Change in turnover 2023: 5.2%
4. Worcester, Massachusetts
Average list price for homes in November 2022: $447,500
Price change 2023: 10.6%
Change in turnover 2023: 2.5%
5. Buffalo, New York
Average list price for homes in November 2022: $239,000
Price change 2023: 6%
Change in turnover 2023: 6.3%
6. Augusta, Georgia
Average list price for homes in November 2022: $318,900
Price change 2023: 5.7%
Change in turnover 2023: 6.2%
7. Grand Rapids, Michigan
Average list price for homes in November 2022: $358,300
Price change 2023: 10%
Change in turnover 2023: 1.6%
8. Columbia, South Carolina
Average list price for homes in November 2022: $300,400
Price change 2023: 3.6%
Change in turnover 2023: 7.7%
9. Chattanooga, Tennessee
Average list price for homes in November 2022: $396,500
Price change 2023: 8.2%
Change in turnover 2023: 2.9%
10. Toledo, Ohio
Average list price for homes in November 2022: $161,100
Price change 2023: 6.7%
Change in turnover 2023: 4.2%
For more information on these rankings, housing markets, and Realtor.com’s methodology, see the full report.