It’s a good time to own a home anywhere but especially in the South. The National Association of Realtors recently unveiled its forecast for 2023 and beyond. The NAR identified 10 U.S. real estate markets that it expects to outperform other metro areas in 2023, and all of them are in the South.
According to Lawrence Yun, NAR chief economist and senior vice president of research, overall home sales are expected to decline by 6.8% in 2023 compared to 2022. Meanwhile, the median home price will reach $385,800, an increase of just 0.3% from the 2022 median price of $384,500.
In identifying next year’s top markets, NAR considered a variety of indicators, including high job growth, faster-growing populations, and better housing affordability.
Here’s a look at the markets expected to outperform others in 2023.
Atlanta-Sandy Springs-Marietta, Georgia
Topping the list is Georgia’s capital city metro area. NAR researchers praise the region for affordability, noting that more than 20% of renters are able to afford to buy a typical home here. A robust job market, with offices for major companies including Apple, Microsoft and Visa, should help the population grow. Atlanta also landed in second place on a recent list of U.S. cities with the most new businesses per capita.
Raleigh, North Carolina
North Carolina’s capital city is also a good place for job hunters. Jobs in Raleigh increased 5.1% between October 2021 and October 2022, compared with a national average of 3.4% for that period, NAR reports. And who doesn’t want to bring home the big bucks? Raleigh topped a recent list of 15 affordable areas with the most six-figure jobs.
Dallas-Fort Worth-Arlington, Texas
Does the Dallas area attract you? Like Raleigh, the city scores high in the NAR report for employment. The number of jobs in the area increased by 6.5% between October 2021 and October 2022, nearly double the national average. No wonder it scored at No. 7 on a recent list of the 10 most popular places to move.
The NAR report praises the Fayetteville-Springdale-Rogers area as an emerging tech hub where the typical family can still afford to buy the typical home. And if you’re sick of emptying out your bank account each month just to keep up on utilities and other expenses, you should know that Arkansas came in at No. 2 on a recent list of the 10 cheapest states for household bills.
Greenville-Anderson-Mauldin, South Carolina
Housing supply in this area can keep up with demand better than nationally, NAR reports, noting that a single-family home permit was issued for every four new jobs within the past year. Snuggled into the foothills of the Blue Ridge Mountains, the area’s natural beauty helped land it a spot on a list of the seven most beautiful places to retire in America.
Charleston-North Charleston, South Carolina
South Carolina lands another entry on this list with the Charleston-North Charleston region, and NAR notes that its fast-growing job market means this metro should boom well into 2023. But maybe you’re near the end of your working years. In that case, Charleston nabbed the top spot in a recent WalletHub ranking of the best places to retire.
Your wallet can rest easy in Huntsville, which is ranked as the most affordable city among NAR’s top 10. The typical family earns 20% more than the qualifying income of $80,300 that’s needed to purchase a midpriced home here. The area also came in at No. 4 on a recent ranking of the best places for technology jobs.
Florida’s sun and sand will always pull new residents, but even in the Sunshine State, Jacksonville has an advantage. NAR reports that it’s more affordable than other areas statewide, with a strong job market and many home options. What’s more, Jacksonville made a recent list of the top cities for remote workers in 2023.
San Antonio-New Braunfels, Texas
Remember the Alamo — and San Antonio, too — home to that famous mission and battle. NAR praises San Antonio for affordability, with the qualifying income for a median-priced home just $85,000, compared with $130,000 in state capital Austin. Even its airport soars above the rest, nabbing a spot on a recent list of best airports in the nation.
You’ve got a decent chance of finding a home that won’t break your budget in Knoxville. NAR reports that housing here is 10% more affordable than the national level, and 1 in 4 renters can afford to buy the typical home. And lively Knoxville is a good place for older folks, too, nabbing the No. 4 spot on a recent list of America’s 15 most affordable cities for retirees.