The Real Estate Trends We Expect To See In 2023

Each year brings a whole new set of trends to the table in all walks of life. The housing market is no exception, with every New Year offering different things that are set to help the housing market - or things that could bring it down.

It’s perhaps no secret for anyone looking to buy and sell a house in the last 12 months that things have been pretty up and down in recent times. Is it due to settle down in the New Year? It’s certainly a hope that many have, alongside all the real estate trends we expect to see in 2023.

The pace of selling houses is set to slow even more

Throughout 2021, houses were selling faster than ever before. While it was tough to keep up with the changing contracts and things selling before they even went to market, things have slowed down in recent months. It appears one of the real estate trends expected to continue into 2023 is the pace of the market, with things set to slow down even more. Days that a house is on the market will rise, while negotiations over prices are set to take up even more time. 

Climate change is altering buyer behavior in 2023

Climate change is nothing new, but it’s become more of an important thing in many people’s lives than ever before in recent years. Now, many are taking changing climates into more consideration before signing along the dotted line. Places known for their extreme weather, such as floods, tornadoes, hurricanes, or wildfires, are far less desirable than ever before, with people wanting to live in lower-risk areas of the world. To top it off, those living on the extreme end of the temperature scale have to pay staggering electricity bills to keep warm or cold, something many homeowners are no longer willing to do.

Working remotely is causing things to change in real estate

It’s not just commercial real estate that’s been affected by the number of people working from home in recent years. Residential sales have also been affected, with plenty of people looking to move to bigger homes, so they have somewhere to use as their office. It has also opened the door to opportunity for many people, too, who can now move further away due to the location being less of an issue with work. All of this also means that people are becoming pickier about what they want from a house as they spend so much time at home, something that’s set to continue affecting the market in 2023. 

Several markets look set to grow in 2023

The biggest markets expected to dominate the real estate market in 2023 might come as a surprise to many, with Dallas, Fort Worth, Austin, Texas, and Phoenix, Arizona, taking some of the top spots. This is fat from the former heavy hitters like Los Angeles, Chicago, and New York. The influx of activity in the new areas means there are plenty of reasons to make a move and look for a new way of life, even if it means moving across the nation for some.

The real estate trends we expect to see in 2023 have already started to creep into the market in some ways, but they’re set to dominate things next year. While only time will tell, there’s a good chance it could shake up the housing market once more.