With much of 2022 being an adjustment period for the housing market, many are wondering what will come in 2023. In addition to where home prices will go, many are curious whether the pace of home sales will remain low as well. Recently, REALTOR®.com published their 2023 forecast for the top housing markets. Overall, this forecast favors mid-sized markets with local industries tied to manufacturing, education, healthcare and government. These markets are expected to not only see the highest price growth, but should also lead the way in sales volume as well. A major reason for these predictions is due to the fact that these markets have not experienced the same level of rapid price increases as many other markets have seen in the past few years. Interestingly, many Florida cities fell below the 50% mark for the top 100 list, with none making the top 10.
Top 10 U.S. real estate markets for 2023
- Hartford-West Hartford, CT
- El Paso, TX
- Louisville, KY
- Worcester, MA
- Buffalo-Cheektowaga NY
- Augusta-Richmond County, GA
- Grand Rapids-Wyoming, MI
- Columbia, SC
- Chattanooga, TN
- Toledo, OH
Florida market projections for 2023
| Overall Rank | Market | Sales Volume | Sales Prices |
| 67th | Jacksonville | down 3.0% | up 4.6% |
| 70th | Miami-Fort Lauderdale-West Palm Beach: | down 2.0% | up 3.4% |
| 77th | Deltona-Daytona Beach-Ormond Beach | down 7.9% | up 4.8% |
| 78th | Lakeland-Winter Haven | down 5.0% | up 1.6% |
| 84th | Orlando-Kissimmee-Sanford | down 8.5% | up 2.9% |
| 86th | Cape Coral-Fort Myers | down 5.9% | up 0.1% |
| 93rd | Tampa-St. Petersburg-Clearwater | down 15.6% | up 3.9% |
| 95th | Palm Bay-Melbourne-Titusville | down 18.3% | up 2.8% |
| 98th | North Port-Sarasota-Bradenton | down 28.7% | up 3.2% |
Summary
Overall, this forecast tends to favor mid-sized markets that did not see the level of home price appreciation that was seen across many markets throughout the country over the past few years. Of course, inflationary pressures and the corresponding interest rate levels will play a huge role in home sales and home prices moving forward. Ultimately, it is expected that many households will be watching their spending and this will also translate into higher demand for lower-priced mid-sized markets.
Although the South Florida market will see a decrease in overall sales volume, it should fare better than the rest of the state. In addition, home prices are also projected to increase by 3.4%. Are you looking to buy or sell property in the South Florida area? We can help! Contact Natasha at Live South Florida Realty, Inc. today! Don’t forget to also download the free Florida Home Search app for your mobile device as well.
