Key Details:
- Realtor.com® released their top housing markets for 2023
- Each market on the list is forecasted to see growth in home sales and home prices in 2023
- Affordable housing options and strong job prospects in these areas make them attractive to out-of-state buyers
Another day, another top 10 list.
Yesterday, we shared Zillow’s top 10 markets for first-time home buyers in 2023. Today, we’re diving into 2023’s hottest housing markets for all buyers, according to Realtor.com®.
Projected Growth in Home Sales
Across the U.S., we’re already seeing a slowdown in sales and home prices decelerating. But heading into 2023, there will be housing markets that will see growth instead of decline.
In Realtor.com’s top 10 markets, home sales are forecasted to grow by 5.2% year-over-year in 2022, and home prices are expected to increase by 7.3%. Compare this to data across the U.S., which forecasts a -14.1% decline in home sales and a 5.4% increase in home prices.
These markets have seen lower price increases than pandemic hotspots over the past two years. In today’s market, that means they are more affordable—and, therefore, more enticing to hopeful buyers.
Realtor.com’s Top 10 Housing Markets for 2023
This year’s top housing markets have a few things in common:
- The buying frenzy and price increases in these markets were lower than in other areas across the country.
- Most are mid-sized metros that employ a higher proportion of workers in manufacturing, government, education, and healthcare relative to the 100 largest metros.
- Each market on the top 10 list has a high percentage of buyers (almost half) looking from out of state.
- These markets leverage more government-backed mortgage products, like VA and FHA loans.
Ranked in order, Realtor.com’s top 10 housing markets are:
- Hartford-West Hartford et al., CT
- Forecasted 2023 home sales change: +6.5%
- Forecasted 2023 home price change: +8.5%
- El Paso, TX
- Forecasted 2023 home sales change: +8.9+
- Forecasted 2023 home price change: +5.4%
- Louisville et al., KY-IN
- Forecasted 2023 home sales change: +5.2%
- Forecasted 2023 home price change: +8.4%
- Worcester, MA-CT
- Forecasted 2023 home sales change: +2.5%
- Forecasted 2023 home price change: +10.6%
- Buffalo-Cheektowaga et al., NY
- Forecasted 2023 home sales change: +6.3%
- Forecasted 2023 home price change: +6.0%
- Augusta-Richmond County, GA-SC
- Forecasted 2023 home sales change: +6.2%
- Forecasted 2023 home price change: +5.7%
- Grand Rapids, WY-MI
- Forecasted 2023 home sales change: +1.6%
- Forecasted 2023 home price change: +10.0%
- Columbia, SC
- Forecasted 2023 home sales change: +7.7%
- Forecasted 2023 home price change: +3.6%
- Chattanooga, TN-GA
- Forecasted 2023 home sales change: +2.9%
- Forecasted 2023 home price change: +8.2%
- Toledo, OH
- Forecasted 2023 home sales change: +4.2%
- Forecasted 2023 home price change: +6.7%
For the complete list of the top 100 markets, click here.
As always, staying up to date with national and local housing market data gives you the knowledge to best help your clients.
