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Atlanta looks to be the housing market in the U.S. with the most potential for growth in the new year, according to researchers at the National Association of REALTORS®.
The city, dubbed the “New York of the South,” rose to the top of NAR’s list of markets to watch in 2023 for three main reasons: Atlanta has greater housing affordability than comparable cities, its population is growing more rapidly and 20% of renters there can afford to buy a median-priced home—higher than the national average—the NAR report notes. Atlanta also boasts a robust and growing job market, where many major technology companies, such as Apple, Microsoft and Visa, are relocating from the West Coast.
Even against the backdrop of a national housing slowdown, the South is expected to remain a booming region for home sales in 2023. “The demand for housing continues to outpace supply,” says NAR Chief Economist Lawrence Yun. “The economic conditions in place in the top 10 U.S. markets—all of which are located in the South—provide the support for home prices to climb by at least 5% in 2023.”
NAR identified the following top 10 real estate markets to watch next year:
- Atlanta-Sandy Springs-Marietta, Ga.
- Raleigh, N.C.
- Dallas-Fort Worth-Arlington, Texas
- Fayetteville-Springdale-Rogers, Ark.-Mo.
- Greenville-Anderson-Mauldin, S.C.
- Charleston-North Charleston, S.C.
- Huntsville, Ala.
- Jacksonville, Fla.
- San Antonio-New Braunfels, Texas
- Knoxville, Tenn.
NAR identified these markets by weighing multiple factors and comparing them to national levels, including:
- Housing affordability
- The number of renters who can afford to buy a median-priced home
- Job growth
- Migration gains and population growth
- An increase in active housing inventory
- Less severe housing shortages
