Atlanta, Georgia figures to once again loom large when it comes to real estate for the new year.
The metro area is once again one of the top housing markets in the United States, according to new figures from the National Association of Realtors.
Lawrence Yun, NAR chief economist and senior vice president of research, forecasts that Atlanta will be the nation’s top real estate market to watch in 2023 and beyond, an NAR news release says.
- Yun predicts that 4.78 million existing homes will be sold across America in 2023, with prices stabilizing.
- Home sales will drop by 6.8% compared to 2022.
- The median home price will hit $385,800, which constitutes a 0.3% hike compared to 2022.
Top 10 Real Estate Markets to Watch in 2023
Atlanta-Sandy Springs-Marietta, Georgia
Raleigh, North Carolina
Dallas-Fort Worth-Arlington, Texas
Fayetteville-Springdale-Rogers, Arkansas-Missouri
Greenville-Anderson-Mauldin, South Carolina
Charleston-North Charleston, South Carolina
Huntsville, Alabama
Jacksonville, Florida
San Antonio-New Braunfels, Texas
Knoxville, Tennessee
Because of affordability issues, the Atlanta metro area is far down the list for 2023, says a recent Realtor.com report, as midsize markets with adequate housing rise to the top.
As home sales declined in the second half of 2022 with the rising of interest rates, real estate experts are hopeful that the new year brings home shoppers back to the market.
Are Home Sales Going To Rise?
The top markets are expected to see home sales increase 5.2% year-over-year in 2022. Additionally, average home prices in the top 10 markets are expected to jump 7.3% while the rest of the nation will only see a 5% bump.
How To Afford A Home Right Now
With so much economic pressure on Americans, it’s understandable that many would be concerned about affording a home right now. But the key is that you can get in the home you want and need for the most part.
One thing you’ll have to do is get pre-approved by a lender of your choice, who will consider the income you take in annually as well as your debt and credit.
You can gauge how much you can comfortably spend on a new mortgage in a really simple way. See our home affordability calculator.
