It’s that time of year when real estate experts pull out their crystal balls and make some new year predictions. We’ll be turning to our own California Listings expert agents over the next few weeks to get their hot takes, but first, the National Association of Realtors is out with some predictions of its own.
According to NAR’s Lawrence Yun, chief economist and senior vice president of research, 4.78 million existing homes will be sold, prices will remain stable, and Atlanta will be the top real estate market to watch in 2023. Yun predicts home sales will decline by 6.8 percent compared to 2022, and that the median home price will reach $385,800—an increase of just 0.3 percent from this year.
“Half of the country may experience small price gains, while the other half may see slight price declines,” Yun said. “However, markets in California may be the exception, with San Francisco, for example, likely to register price drops of 10–15 percent.”
In addition to Atlanta, NAR expects other top markets in the new year to include Raleigh, Dallas, Huntsville, Jacksonville, San Antonio and Knoxville.
On the rental front, Yun expects rent prices to rise 5 percent in 2023, following a 7 percent increase in 2022. He predicts foreclosure rates will remain at historically low levels in 2023, comprising less than 1 percent of all mortgages.