Top 10 housing markets expected to grow significantly in 2023 – Thelocalreport.in

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HARTFORD, Conn. (wtnh) — Dozens of markets across the country are poised to see a significant surge of potential homebuyers in 2023.

realtor.com has released its 2023 housing forecast and economic overviewdetailing the metro areas expected to make growth—both in home sales and prices—during what’s expected to be a challenging time for the housing market.

Coming out on top in Realtor.com’s report is Connecticut’s Hartford-West Hartford-East Hartford metro area, which is expected to see sales growth to jump by 6.5% and produces a price growth increase of 8.5%. With 15% in total combined growth, the Hartford metro area is projected to edge out Texas’ El Paso metro area and Kentucky’s Louisville metro area, which ranked second and third, respectively, in the 2023 housing forecast.

A ranking of the top 10 housing markets of 2023, as determined by Realtor.com, can be found below. (Metropolitan statistical areas, or MSAs, are defined by the US Census bureau.)

  • Hartford-West Hartford-East Hartford, Connecticut (Combined growth of 15%)
  • El Paso, Texas (14.3%)
  • Louisville/Jefferson County, Kentucky/Indiana (13.6%)
  • Worcester, Massachusetts-Connecticut (13.1%)
  • Buffalo-Cheektowaga-Niagara Falls, New York (12.3%)
  • Augusta-Richmond County, Georgia/South Carolina (11.9%)
  • Grand Rapids-Kentwood, Michigan (11.6%)
  • Columbia, SC (11.3%)
  • Chattanooga, Tennessee-Georgia (11.1%)
  • Toledo, Ohio (10.9%)

For comparison, the average combined growth for the entire US, as projected by Realtor.com, is -8.7% (-14.1% sales growth, 5.4% price growth).

Why is there such a large suspected increase of interest in these particular meters? Realtor.com noted that this is likely due to the early stages of the COVID-19 pandemic, which saw mortgage rates drop to record lows. However, in 2022, the Fed increased the policy interest rate, making borrowing more expensive. The low prices skyrocketed in a 10-month surge from 3.1% to almost 7.1%.

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