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The Southern Cities That Will Be Real Estate Goldmines in 2023

January 23, 2023

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MARKET

The Southern Cities That Will Be Real Estate Goldmines in 2023

What you should know:

According to a new forecast by the National Association of Realtors (NAR), some real estate markets will remain hot in 2023, mostly due to their relative affordability compared with the rest of the US. The top places have something else in common, too: They’re all located in the South. Here are the 10 best places to buy a home in 2023, according to NAR:

1. Atlanta-Sandy Springs-Marietta, Georgia

  • Median home price: $371,200

  • Robust job market due to major tech companies such as Apple, Microsoft and Visa opening Atlanta offices in recent years.

  • Relatively affordable compared with other regions in the country

2. Raleigh, North Carolina

  • Median home price: $460,500

  • Fast-growing tech hub with low unemployment, home prices have increased by almost 30% since 2020.

3. Dallas-Fort Worth-Arlington, Texas

  • Median home price: $390,100

  • Emerging tech hub in the US, job growth nearly twice as high as the national average.

  • While the supply of homes is less than the national average, inventory increased in 2022

4. Fayetteville-Springdale-Rogers, Arkansas-Missouri

  • Median home price: $328,400

  • Home to three Fortune 500 companies, this metro area is second among NAR’s top 10 rankings in terms of housing affordability.

5. Greenville-Anderson-Mauldin, South Carolina

  • Median home price: $335,400

  • While housing affordability is on par with the national average, job growth in this area is strong, especially for high-paying information technology jobs.

  • There are more houses to choose from, supply of homes in 2022 was more than twice the national average.

STUDENT HOUSING

Campus Living Gets a Boost with Amplify Development's Latest Purchase

  • Amplify Development has acquired Vista Denver, a 284-bed student housing property in Denver, for $41.3 million.

  • The asset will undergo renovations, as part of the company’s value-add plan.

  • Union Bank & Trust Co. financed the latest acquisition with a $26.9 million loan, set to mature in 2027.

MORTGAGE

Mortgage Buy-Downs: The Pros and Cons of Lowering Monthly Payments

Mortgage buy-downs are becoming an increasingly popular option for home buyers and sellers as a way to stretch their dollar and seal a deal in tough financial times. Here are some of the pros and cons to consider:

  • Pro: Lower monthly bills. A buy-down will offer homebuyers a lower monthly mortgage payment for a set period of time, typically one to three years.

  • Con: When the buy-down expires, regular payments may come as a shock. Once the buy-down expires, your bills could become a lot heftier.

  • Pro: They can provide cash flow for repairs or furniture.

  • Con: Not all lenders offer buy-downs, and terms vary.

  • Weighing the pros and cons, it’s important to consult professionals before deciding if a buy-down is the right option for you, and understand the terms and conditions of the buy-down, including the buy-down period, the increase in payments after the period, and the costs associated with the buy-down.

SENIOR HOUSING

The lack of affordable senior housing in North Texas is a growing concern.

  • Data from the National Investment Center for Senior Housing and Care reveal that senior housing units are 85.5% occupied in Collin County, with Dallas and Tarrant counties close behind at 84%.

  • More than 11% of Collin and Dallas county residents are over 65, and with the US Census Bureau estimating that by 2060, there will be 95 million people in the country over the age of 65, up from 55 million today, the demand for senior housing is only set to increase.

  • Some cities are embracing zoning changes to allow for accessory dwelling units in single-family neighborhoods, and the Low Income Housing Tax Credit program can also subsidize the construction or rehabilitation of mixed-income apartment complexes.

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