As someone who only owns the shoes on my feet, worrying about the best housing markets in 2023 seems kind of oblique to me. But, homeownership is a major milestone, and a goal for most people. So, here’s some information we should all be privy to, courtesy of Realtor.com. The company’s 2023 Top Housing Markets report ranked the United States’ 100 largest markets based on how well they are anticipated to perform next year.
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The top 10 markets, listed below, 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 US,” the Realtor.com report stated. Here are the top 10 markets in the United States:
1. Hartford-West Hartford-East Hartford, Connecticut
2. El Paso, Texas
3. Louisville-Jefferson County, Kentucky-Indiana
4. Worcester, Massachusetts-Connecticut
5. Buffalo-Cheektowaga-Niagara Falls, New York
6. Augusta-Richmond County, Georgia-South Carolina
7. Grand Rapids-Wyoming, Michigan.
8. Columbia, South Carolina
9. Chattanooga, Tennessee-Georgia
10. Toledo, Ohio
In the United States, home prices are predicted to rise an average of 5.4% next year, and in the 10 markets above, the average home prices are expected to increase 7.3%.
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“As many households keep a close watch on their spending, we expect these top housing markets to be in relatively high demand,” Realtor.com Chief Economist Danielle Hale said in a press release. “We’ve seen lower price increases, more general affordability and more use of government-backed mortgage products for veterans, first-time and minority buyers in these top markets, providing opportunities for all home buyers to stretch their home buying dollars. Many of these areas flew under the radar in the pandemic frenzy, and are now well-positioned to bubble up with solid job prospects without the big-city price tag.”
