These Cities Expect the Biggest Real Estate Growth in 2023
Whether you’re a seasoned real estate professional or someone who casually flips through listings from time to time, you’ve probably noticed that it’s been a bit difficult to keep an eye on the 2022 housing market at times. As in 2021, most experts have indicated that this year has mostly been a seller’s market , but what’s in store for us in 2023?
Realtor.com’s economic research group has made several predictions, including what they expect real estate markets to experience the most growth in 2023. Here’s what you need to know.
Forecasts for housing markets with the largest growth in 2023
As mortgage interest rates have skyrocketed over the past few months, many would-be buyers have decided to put off buying homes even as the price of the property itself has fallen.
But according to Realtor.com , there are some metropolitan areas that still have a decent amount of (relatively) affordable housing and have seen sales and price increases in 2022 that are expected to continue rising throughout 2023. :
1. Hartford, Connecticut
Average list price of a home in November 2022: $ 372,400 2023 price change: 8.5% 2023 sales change: 6.5%
2. El Paso, Texas
November 2022 median list price of a home: $ 290,500 2023 price change: 5.4% 2023 sales change: 8.9%
3. Louisville, Kentucky
Average list price of a home in November 2022: $290,000 2023 price change: 8.4% 2023 sales change: 5.2%
4. Worcester, Massachusetts
Average list price of a home in November 2022: $ 447,500 2023 price change: 10.6% 2023 sales change: 2.5%
5. Buffalo, New York
Average list price of a home in November 2022: $239,000 2023 price change: 6% 2023 sales change: 6.3%
6. Augusta, Georgia
November 2022 median list price of a home: $ 318,900 2023 price change: 5.7% 2023 sales change: 6.2%
7. Grand Rapids, Michigan
Average list price of a home in November 2022: $ 358,300 2023 price change: 10% 2023 sales change: 1.6%
8. Columbia, South Carolina
Average list price of a home in November 2022: $ 300,400 2023 price change: 3.6% 2023 sales change: 7.7%
9. Chattanooga, Tennessee
Average list price of a home in November 2022: $ 396,500 2023 price change: 8.2% 2023 sales change: 2.9%
10. Toledo, Ohio
Average list price of a home in November 2022: $ 161,100 2023 price change: 6.7% 2023 sales change: 4.2%
For more information on these rankings, housing markets, and Realtor.com’s methodology, see the full report .