According to the National Association of REALTORS®, Atlanta has the best prospects for growth among major U.S. housing markets in the coming year.
The "New York of the South" is on NAR's list of 2023's most exciting real estate markets for three primary reasons: The NAR research cites many factors that give Atlanta a leg up on other comparable cities when it comes to housing affordability. These include a fast-expanding population, a lower median home price, and a larger share of renters who can afford to buy. Additionally, several large technology businesses are coming to Atlanta from the West Coast, contributing to the city's thriving job economy.
Despite a nationwide downturn in house sales in 2023, the South is still projected to lead the country in new construction. According to NAR Chief Economist Lawrence Yun, "the demand for housing continues to outstrip supply." All of the top 10 U.S. markets, which are in the South, have favorable economic conditions that will help home values rise by at least 5% in 2023.
Following are NAR's top 10 real estate markets to keep an eye on 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.
The National Association of Realtors (NAR) determined these regions based on a number of criteria, which were then compared to national averages.
- Affordability of Housing
- Number of renters who can afford to buy a median-priced property
- Gains in population and migration
- A rise in available dwellings
- Homelessness is less of a problem
What markets do you think will hold strong in 2023? Let us know in the comments below!
