Real Estate Trends to Look for in 2023

Real Estate Trends to Look for in 2023

Entering the third month of the year, real estate in 2023 is looking extremely opportunistic with much upside. After the unusual and volatile past few years, this year is showing hopeful signs and what looks to be a great year in real estate! The real estate market and how the industry operates is constantly changing and adapting. The trends in real estate evolves just as much as and as quickly as the industry as a whole – Let’s see what real estate trends to look for in 2023. 

Different Cities on the Rise 

Over the past few years, smaller metropolitans began to strengthen and develop their economy, job markets, and attraction. Most of these metropolitans being in the southern states, entice professionals and families to relocate for the warmer year-round weather and higher quality of life. 

Housing and other census reports show that the states with the most people moving out are the states that have previously been known for their prominence and dominance, especially for business. New York, California, Illinois, and Washington D.C. led the list of most residents lost. On the other hand, small southern cities gained many residents. Florida, Texas, Tennessee, Arizona, and North and South Carolina gained the most residents over the past few years. 

Click here to read our article “Top Multifamily Markets in 2023” to get a better idea of this year’s growing markets. 

Technology in Real Estate

Though real estate has been one of the slower industries to include technology, it cannot hold itself back much more. Look for the industry to begin incorporating much more technology – both on the business and the residence/appliance side. 

Agents and investors will begin using video walkthroughs and online interaction more than ever. Investors that rehab properties will begin to include smart appliances and smart home devices to accommodate their buyers and try to keep ahead of their competitors. Similarly, on the residential side, new construction properties will be focused on including all the newest amenities and technologies.

Increase in Homeowners

The past two years demonstrated a massive demand for housing and, in most markets, not enough inventory. Though this huge demand has slightly slowed due to the increase in interest rates, it has only been suspended. With the economy returning to normal working order and the hopeful stopping of increase in rates, the demand will return, possibly stronger than the one we have seen in recent years. 

Additionally, the work-from-home lifestyle that has become the new normal, encourages homeownership. Those working from home are looking to be in a residence that they can call theirs that they can make comfortable for them and put their own personal touch on.

The year has kicked off hot and there still is so much opportunity and prospect to look forward to as it goes on. Only time will tell for the real estate trends to look forward to in 2023!

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