After stimulus packages powered a frenetic housing market early in the pandemic, 2022 saw high home prices and mortgage rates push prospective buyers out.
The pendulum is expected to swing back toward buyers in 2023, according to home loan firm Knock's Buyer-Seller Market Index. By the end of 2023, Knock predicts 36 markets will be buyers' markets (nearly triple the November 2022 total of 14), 41 will be sellers', and 23 will be neutral.
The projected top five buyer's markets are all west of the Mississippi and were popular places for relocation during the pandemic, according to the index. Inventory climbed in 80 of the 100 largest housing markets, and all but two moved toward favoring buyers.
The top 25 buyer's home market projections, according to the index:
|
Rank |
Market |
Nov. 2022 median home price |
Forecasted 2023 home sales change |
Forecasted 2023 home price change |
Forecasted 2023 months' supply |
Forecasted sale-to-list price ratio |
|---|---|---|---|---|---|---|
|
National |
$373,759 |
-16.3% |
0% |
3.1 |
96.8% |
|
|
1 |
Phoenix-Mesa-Chandler, Ariz. |
$426,990 |
6% |
-5.4% |
3.7 |
96.5% |
|
2 |
Colorado Springs, Colo. |
$425,000 |
-18.3% |
1.2% |
4.2 |
97.2% |
|
3 |
Las Vegas-Henderson-Paradise, Nev. |
$386,000 |
17.6% |
-6.6% |
4.8 |
96.1% |
|
4 |
Dallas-Fort Worth-Arlington, Texas |
$380,000 |
-9% |
6.7% |
4.2 |
94.9% |
|
5 |
Denver-Aurora-Lakewood, Colo. |
$555,000 |
-10.9% |
0.7% |
3.8 |
97% |
|
6 |
Ogden-Clearfield, Utah |
$430,500 |
18.2% |
4.8% |
4.9 |
98.2% |
|
7 |
Greeley, Colo. |
$467,979 |
-1.1% |
8.7% |
2.9 |
98.6% |
|
8 |
Salt Lake City |
$485,000 |
-8.3% |
0.3% |
3.4 |
97% |
|
9 |
Memphis, Tenn.-Miss.-Ark. |
$270,000 |
0.7% |
3.1% |
3.6 |
93.6% |
|
10 |
Austin-Round Rock-Georgetown, Texas |
$466,900 |
-5.5% |
3.7% |
2.4 |
93.4% |
|
11 |
Charlotte-Concord-Gastonia, N.C.-S.C. |
$360,000 |
-9.2% |
6.9% |
12.7 |
97.5% |
|
12 |
Tucson, Ariz. |
$342,000 |
11.3% |
8.9% |
3.9 |
97.1% |
|
13 |
Atlanta-Sandy Springs-Alpharetta, Ga. |
$360,000 |
-9.7% |
7.8% |
3.5 |
96.7% |
|
14 |
Boise, Idaho |
$430,000 |
-17.5% |
-23.3% |
2.8 |
97.5% |
|
15 |
Tampa-St. Petersburg-Clearwater, Fla. |
$364,990 |
-5.5% |
9.9% |
3.1 |
95.8% |
|
16 |
Killeen-Temple, Texas |
$247,500 |
-1.1% |
0.4% |
2.6 |
97.6% |
|
17 |
San Francisco-Oakland-Berkeley, Calif. |
$1,100,000 |
9.3% |
3.9% |
1.9 |
97.4% |
|
18 |
Nashville-Davidson-Murfreesboro-Franklin, Tenn. |
$427,355 |
4.8% |
6.5% |
2.2 |
96.7% |
|
19 |
San Antonio-New Braunfels, Texas |
$310,000 |
-6.1% |
-0.1% |
2.6 |
90.2% |
|
20 |
Deltona-Daytona Beach-Ormond Beach, Fla. |
$329,000 |
-6.9% |
3.3% |
4.4 |
96.8% |
|
21 |
Orlando-Kissimmee-Sanford, Fla. |
$380,000 |
-7.6% |
6.7% |
2.5 |
96.1% |
|
22 |
Jacksonville, Fla. |
$330,650 |
-7.6% |
1.4% |
2.7 |
94.4% |
|
23 |
Detroit-Warren-Dearborn, Mich. |
$235,000 |
8.3% |
2.9% |
2.6 |
97.7% |
|
24 |
New Orleans-Metairie, La. |
$273,000 |
10.9% |
0% |
4.9 |
96.7% |
|
25 |
Portland-Vancouver-Hillsboro, Ore.-Wash. |
$521,700 |
-10.8% |
5% |
2.4 |
96% |