Prediction: The Hottest Housing Markets by Population in 2023
The housing market has been on a wild ride for the past three years since the onset of the pandemic. Now, things are starting to normalize a bit -- to the extent that things can normalize in what, it turns out, is always a rather hectic space.
Check Out: What Is the Highest Rated Luxury Cruise Line?
See: 3 Things You Must Do When Your Savings Reach $50,000
To help buyers and sellers make sense of and navigate the market, specifically as it pertains to retirees, TKI, a software development company focused on real estate, recently published its nSkope Predictive Analytics Report, which sheds light on the hottest housing markets by population in 2023.
More than 128 million households were included in a December 1, 2022 report that leveraged more than 300 data points to reveal which properties would likely come on the market. The report also reviewed the homes it projected would be listed in December 2021 to determine which did appear on the market by December 2022.
Casper, Wyoming
Population: Under 100,000
Number of Predicted Homes To Be Listed: 3,023
Percentage of Properties Predicted To List: 13.7%
Average Home Value: $278,515, according to Zillow
In the spring of 2021, homes in Casper, Wyoming, were flying off the lot, so to speak, with people so eager to buy they were actually sealing the deal on homes over Facetime, according to reporting from Wyoming News Now. Though momentum has slowed some, it's still a hot spot, largely because it's cheap but also safe and family-friendly, and sellers can possibly get more than what they paid for their homes. According to Zillow, the average home value in Casper is up 10.9% over the past year.
Jacksonville, North Carolina
Population: 100,000-250,000
Number of Predicted Homes To Be Listed: 9,188
Percentage of Properties Predicted To List: 17.0%
Average Home Value: $225,428, according to Zillow
Jacksonville, North Carolina, was named the best cheapest place to buy a newly constructed home in the U.S. by Realtor.com last March. But that doesn't mean that people looking to sell previously lived-in homes can't make a nice chunk of money right now. According to Zillow, the average Jacksonville home value is up 17.6% over the past year and goes to pending in around just seven days.
Take Our Poll: How Much of a Tax Refund Do You Expect in 2023?
Greeley, Colorado
Population: 250,000-500,000
Number of Predicted Homes To be Listed: 25,249
Percentage of Properties Predicted To List: 17.6%
Average Home Value: $444,259, according to Zillow
According to Rocket Homes, Greeley, Colorado, which appeals because of its affordability, is a seller's market, meaning prices tend to be higher and homes sell quickly. This city has been on the up and up in terms of value. According to Zillow, the average home price in Greeley is up 8.2% in the past year.
Provo-Orem, Utah
Population: 500,000-750,000
Number of Predicted Homes To Be Listed: 26,669
Percentage of Properties Predicted To List: 17.2%
Average Home Value: $490,680, according to Zillow
Provo impresses with its affordability and its plethora of outdoor activities. According to Livability.com, it skews young, so that may be why the TKI report, which looked at older demographics, saw a spike in upcoming sales. Another reason? Appreciation. According to Zillow, the average Provo home value is up 6.4% over the past year.
Colorado Springs, Colorado
Population: 750,000-1 million
Number of Predicted Homes To Be Listed: 36,317
Percentage of Properties Predicted To List: 16.6%
Average Home Value: $472,081, according to Zillow
All of the U.S. has seen accelerated activity in the housing sector, but Colorado Springs has been on an exceptional ride and has been struggling with a severe lack of inventory. Because of this, sellers still have the upper hand and stand to make a nice profit off their homes. According to Zillow, the average home value in Colorado Springs is up 4.1% over the past year.
Salt Lake City
Population: 1 million-2 million
Number of Predicted Homes: 43,686
Percentage of Properties Predicted to List: 16.1%
Average Home Value: $583,777, according to Zillow
Though it does appear that activity in the housing sector is slowing down in Salt Lake City, home prices are on an incline. The average Salt Lake City home value is up 3.0%, according to Zillow.
Austin, Texas
Population: 2 million-4 million
Number of Predicted Homes To Be Listed: 103,247
Percentage of Properties Predicted To List: 17.2%
Average Home Value: $619,096, according to Zillow
A recent report from Goldman Sachs predicted that housing prices in Austin, Texas would decline by north of 25%, which constitutes a crash. So far things are holding pretty steady, with prices up just 0.1% over last year, according to Zillow.
Washington, D.C.
Population: Over 4 million
Number of Predicted Homes To be Listed: 243,285
Percentage of Properties Predicted To List: 15.4%
Average Home Value: $667,932, according to Zillow
Home sales have been slowing across the U.S because of sky-high interest rates and D.C. has not been spared, and we're curious to see whether this prediction that it will become a hot housing market will pan out, given that home values have declined by 0.3% in the past year, according to Zillow.
More From GOBankingRates
This article originally appeared on GOBankingRates.com: Prediction: The Hottest Housing Markets by Population in 2023
