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Even with a bit of a slowdown in 2022, there are still hot real estate markets. This post is part two of 2023 hottest real estate markets. You can click here to see the five markets in part one.
The NAR picked these markets as the ten with the most potential in 2023. Let’s look at the remaining five markets on the list.
2023 Hottest Real Estate Markets
Hottest Real Estate Markets in South Carolina – Charleston-North Charleston, South Carolina
Median home prices in Charleston are high at over $530,000 in November of 2022. However, the high prices result from an increase of more than 20% over the year. The area also has a thriving job market that saw an increase of 6.5% in 2022. As a result, the area is seeing significant migration from other parts of the country.
The story of the Huntsville area is affordability. Median home prices are just under $320,000. There is also a high percentage of residents who make enough to afford a home. The area also has a low cost of living and a growing job market. With good affordability, the area could see an increase in migration during 2023.
Hottest Real Estate Markets in Florida – Jacksonville, Florida
Jacksonville benefits from being in one of the most popular states for relocation. Along with that, it is also one of the most affordable metro areas in Florida. The median home price in Jacksonville is just $289,000. Jacksonville is also performing well in job growth. The area saw a 5.2% increase over the year. Many residents also have the income to afford the low home prices.
San Antonio-New Braunfels, Texas
The entire state of Texas is becoming a popular place to move. However, Greater San Antonio is more affordable than most other areas. The median home price in San Antonio is $285,000. It is over $390,000 in New Braunfels. Both markets saw increases in home prices in 2022. The job growth in the area is also strong at 4.6% for the year.
Knoxville is another area becoming popular for movers. People are moving to the area for affordability and the growing job market. The median home price in Knoxville is just over $300,000. Home prices have also seen significant growth over the year. The city also saw 4.5% job growth in 2022.
As you can see, there are hot markets to look forward to in 2023. The numbers indicate a lot of potential for the ten markets in this two-part post.
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