The U.S. housing market is nothing if not unpredictable. The housing market is slowing down, but some areas will see more buzz in 2023. Florida real estate was hot during 2022, with Tennessee, the Carolinas and Texas metro areas also featuring prominently on a list of the 100 largest metros where prices have risen most significantly, according to Zillow
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But other more affordable regions are expected to pop in 2023.
“The heat will stay on in the Sunshine State, to be sure,” Zillow said in its annual real-estate forecast released this month. “But as affordability has become the key driver of both supply and demand in the market, places that still feature reasonable prices are already seeing momentum shift their way, and should have the healthiest housing markets in 2023.” “Enter the Midwest,” the report added. “Unlike nearly every other region in the United States, prices in most Midwest metro areas haven’t run up to extremes. Mortgage costs as a share of income are still within healthy, sub-30% levels across Ohio, Pennsylvania, Kansas, upstate New York, Iowa and smaller metros in Illinois, which will allow first-time buyers to take the plunge.”
“As interest rates and prices rise, Realtor.com named 10 regions where sales and prices are expected to experience a bump in 2023.”
As interest rates and prices rise, Realtor.com named 10 regions where sales and prices are expected to experience a bump in 2023: Hartford-West Hartford, Conn., El Paso, Texas, Louisville, Ky., Worcester, Mass., Buffalo-Cheektowaga N.Y., Augusta-Richmond County, Ga., Grand Rapids-Wyoming, Mich., Columbia, S.C., Chattanooga, Tenn., and Toledo, Ohio. Realtor.com sees prices in 2022 rising by 7.3% — versus 5.4% nationally — in these top 10 markets, which are largely located in mid-size markets east of the Mississippi River, with local industry tied to manufacturing, education, healthcare a …