El Paso Ranked #2 Real Estate Market That Will Dominate In 2023
Just a few months ago, homebuyers were competing in knock-down, drag-out bidding wars for modest homes that were selling for six figures over their asking prices. Now, sellers are rapidly dropping prices and doing whatever they can to attract even a single interested buyer.
Call it the Great Real Estate Reversal.
As mortgage interest rates have soared, making purchasing a home significantly more expensive, buyers largely have disappeared from the market. It’s not that they don’t want to close on a home; it’s that they can’t afford to do so anymore. Home sales are down, prices have fallen, and properties for sale are beginning to pile up.
However, there are some real estate markets bucking the grimness that has overtaken the housing market in recent months. The Realtor.com® economic research team identified these metropolitan areas where sales and prices are anticipated to continue rising next year. These are the top housing markets of 2023.
“They are very affordable markets. These are areas where your housing dollars really stretch further,” says Realtor.com Chief Economist Danielle Hale. “These places did not overheat during the [COVID-19] pandemic housing frenzy over the last two years. That puts them on more solid footing. Prices and sales still have more room to grow.”
To come up with the list, Realtor.com looked at housing and economic data in the 100 largest metropolitan areas. (Metros include the main city and surrounding suburbs and smaller urban areas.)