The Midwest and South are shaping up to be the go-to destinations for homebuyers next year. Realtor.com is the latest to come out with predictions that mid-size markets—especially those east of the Mississippi—will experience a sales boom in 2023.
According to the 2023 Top Housing Markets forecast, Hartford-West Hartford, CT, El Paso, TX and Louisville, KY will be top of mind for buyers. These markets are not only poised to see the strongest combined growth in home sales and listing prices in the coming year, but up to this point they have seen lower price increases, a relatively smaller affordability crunch than other markets across the U.S.
The remainder of the top 10 include Worcester, MA; Buffalo-Cheektowaga NY; Augusta-Richmond County, GA; Grand Rapids-Wyoming, MI; Columbia, SC; Chattanooga, TN and Toledo, OH.
Home sales across the top 10 markets are forecasted to grow by 5.2 percent year-over-year in 2022, whereas national homes sale are projected to decline by 14.1 percent. Additionally, average home prices in the top 10 are expected to increase 7.3 percent, compared to 5.4 percent for the U.S. as a whole.