Top Ten Housing Markets in 2023
Realtor.com has decided to get into the prediction game with a look at what they think will be the top ten housing markets in 2023.
Number One. Hartford Connecticut took is the top spot with a 6.5% increase in sales in 2023 and price growth of 8.5%. To put that in perspective, Realtor.com believes sales will fall 14.1% while home prices will rise 5.4% in 2023.
- El Paso they believe will be number two followed by Louisville, Worcester, and Buffalo.
Affordability. Affordability will define the 2023 housing market and this top ten list reflects just that. 22.7% of inventory in the top ten is affordable to the median income. Looking at the national housing market only 17.4% of inventory is affordable to a buyer making the median income in 2022.
Room To Grow. The hottest areas during the pandemic housing boom are now seeing some of the biggest drop in sales and prices. The price growth in 2022 for the top ten list averaged 10.5%, this is 1.9 percentage points lower than the average for the county and almost 7 percentage points lower than some of the hottest markets.
Danielle Hale, chief economist at Relator.com, also discusses why some of these areas could be insulated from rising rates and why the Made in America trend benefits their list.
