NAR's chief economist and senior vice president of research listed Raleigh as the #2 real estate market to watch in 2023. Only Atlanta ranked higher on NAR's list of Top 10 Market to Watch in 2023.
Lawrence Yun's forecast said that nationally 4.78 million existing homes will be sold, home sales will decline by 6.8% compared to 2022 (5.13 million), and the median home price will increase slightly of just (0.3%) from this year. These predictions were first presented at NAR's annual Real Estate Forecast Summit at the start of this month.
Later in December RRAR's Realtor® Giving Network hosted 'Economic Forecast & Trends in Real Estate', where Yun spoke virtually with local Brokers-In-Charge.
NAR Chief Economist Lawrence Yun shared real estate predictions with Brokers-In-Charge at a luncheon hosted by RRAR's Realtor Giving Network.
"The demand for housing continues to outpace supply," Yun said. "The economic conditions in place in the top 10 U.S. markets, all of which are located in the South, provide the support for home prices to climb by at least 5% in 2023."
On the rental front, Yun expects prices to rise 5% in 2023, following a 7% increase in 2022.
LOCAL MEDIA COVERAGE
NAR's report caught the attention of the Raleigh News & Observer. A reporter for the N&O got reactions from Realtor® John Wood and RRAR Communications Director Jay Nelson about NAR's forecast of the Raleigh market.
Wood said he expects average prices of closed homes in 2023 will be “flat to a little lower”, compared to 2022. “We expect home appreciation to fall more into our normal trends in 2023- to around 5% annually”.
Nelson told the N&O that Realtors® have multiple reasons to believe that the Raleigh market will perform well in 2023. "Local home listing prices are coming down from this summer’s peak, home inventory has increased 188% in the last 12 months, and unemployment in Raleigh is lower than it was pre-pandemic," Nelson said in his response. You can read the entire News & Observer article here.
In identifying the markets to watch, NAR considered a variety of indicators that it views to be influential to a metro area's market. Click here to review NAR's criteria for determining the market rankings.
Here is NAR's complete list of top 10 markets to watch in 2023:
- #1: Atlanta/Sandy Springs/Marietta, Georgia
- #2: Raleigh/Wake County
- #3: Dallas/Fort Worth/Arlington, Texas
- #4: Fayetteville/Springdale/Rogers, Arkansas & Missouri
- #5: Greenville/Anderson/Mauldin, South Carolina
- #6: Charleston/North Charleston, South Carolina
- #7: Huntsville, Alabama
- #8: Jacksonville, Florida
- #9: San Antonio/New Braunfels, Texas
- #10: Knoxville, Tennessee
