Best 10 USA Hottest Housing Market In 2023
According to a recent Zillow analysis Charlotte, North Carolina, is the 2023 hottest housing market in the United States.
Zillow’s top 10 markets for 2023 predicted are:
- Charlotte, NC
- Cleveland, OH
- Pittsburgh, PA
- Dallas, TX
- Nashville, TN
- Jacksonville, FL
- Kansas City
- Miami, FL
- Atlanta, GA
- Philadelphia, PA
Among the top 10 cities in 2022, only three return this year.
This indicates how much the housing market has changed in a year.
For instance, 2022’s hottest housing market, Jacksonville, FL, has fallen to no 6 in 2023.
Charlotte, NC Tops Hottest Housing Market List
Charlotte, the state’s most populated city, rose to the top of the list from no 5.
In Charlotte, the rise was in owner-occupied homes with substantial property value growth.
Cleveland, Pittsburgh, Dallas, and Nashville join Charlotte in Zillow 2023 top five hottest markets list.
Cleveland and Pittsburgh ranked high in projections for time on the market and new jobs per new home built.
Although home values have dropped from their peak last summer, major affordability issues and increased mortgage rates continue to hamper prospective purchasers.
Current Refinance Rates for January 2023
30-year fixed: 6.60%
15-year fixed: 5.86%
30-year jumbo: 6.61%
5/1 ARM: 5.39%
Charlotte’s house value increase is anticipated to slow over the 11.8% growth rate in 2022.
The current higher rates and affordability challenges have “chilled” demand and brought home values down from 2022 peaks.
For the first time, recent fast-rising property values have not surpassed other criteria necessary for cities to join this year’s list of the hottest housing markets.
Rising mortgage rates have halted buyers and sellers, leading the housing market to a standstill even while the desire to move hasn’t changed.
Markets that offer relative affordability and growth capacity are primed to stand out since today’s workforce is primed for remote work.
According to one projection, by 2025, close to 36.2 million Americans could be working remotely, cutting commuting miles by 70 to 140 billion annually.
One in two US workers desires the option to work remotely permanently.
59% claim they perform equally well or even better when working remotely.
The good news for purchasers is that house expenses are no longer rising monthly.
Even if they are looking for a home in one of the hottest markets, home buyers who can overcome affordability barriers will find a more open market this year.
They will have more time to consider options and a lower likelihood of a bidding war.
2023’s ranking of the hottest markets, unlike previous years, does not need rapidly increasing property values.
Home prices have fallen from their peak since last summer as a result of lower demand, higher mortgage rates, and significant affordability issues.
Although affordability remains a big hurdle, a typical mortgage cost was also lower for homebuyers when mortgage rates fell in November.
Zillow economists expect affordability to stabilize in 2023, making it easier for people to budget household expenses and plan better home choices.
Less buyer competition means properties stay on the market longer, with sellers lowering their asking prices.
There is less likelihood of being caught in a bidding war for those who can afford to buy now.
Hottest Housing Markets For Beginner Investors
The benefits of the hottest housing market list might be fascinating for beginners.
Successful investors understand that making a good real estate investment takes time.
You might be tempted to buy the first house you see online.
Regardless of the foreclosure forecasts you may uncover, you still need to research and analyze to find good investment properties for sale on a hyperlocal level.
You can start your search for houses on top real estate listing websites like Zillow, Realtor.com, Trulia, Foreclosure.com. and others.
Or you can join our investors and partners in building wealth and securing their future through intelligent investments with a hands-off approach – Noble Sky International can help you start your real estate investment journey during a recession.
You can get better Investment Returns through Noble Sky International when you invest in US Real Estate.
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