Housing and Relocation Outlook for 2023

As we look ahead to 2023, it is important to consider the various housing and relocation trends that are impacting our lives. With more people looking to move for work or personal reasons, understanding the current trends in real estate and relocation can help us make informed decisions about our future. In this article, we’ll cover some of the top reasons why people are moving right now, as well as provide insight into what experts expect regarding housing trends and how these changes could impact local markets like Augusta, GA. We will also explore the factors driving these changes so you can be prepared for whatever comes your way in 2023.

Housing and Real Estate in 2023

According to experts, the housing market in 2023 is expected to remain largely unchanged from where it currently stands. Home prices are likely to continue their steady climb as demand outstrips supply in many parts of the country.

If you’re thinking of selling in 2023, it’s important to understand the factors that are driving these trends. In 2021, historically low-interest rates and a lack of new construction have put pressure on housing prices as buyers compete for available homes. However, interest rates are on the rise, causing some markets to cool and prices to stabilize. Lawrence Yan, chief economist for the National Association of Realtors says, “We expect the housing market will remain largely unchanged in 2023, with supply still lagging far behind what’s needed to meet demand.”

This low supply of available homes is likely to continue into the new year, meaning it could be a good time for those looking to sell.

If buying a new home or relocating is on your radar in 2023, don’t get discouraged. As prices stabilize, and inventory slowly increases, you’ll have time to slow down and consider your options as you search for the perfect home.

Relocation Trends in 2023

Relocation trends are continuing to be driven by job opportunities, economic growth, and quality of life considerations. This is particularly true in the tech sector, where transplant professionals are increasingly on the move.

In 2020 and 2021, we saw a trend of people moving out of densely populated cities to less crowded suburban areas or nearby rural communities. This trend is expected to continue into 2023 as many look for more space and an escape from city living.

Recent data shows that the top reason why people are relocating right now is for a change of scenery. Many are leaving big cities and moving to the suburbs, while others are choosing to move closer to family or to a more affordable location. Other reasons include:

• Relocating for work or career opportunities
• Relocating to a more affordable location
• Moving closer to family and friends
• Seeking better quality of life, such as access to green spaces and outdoor activities
• Looking for a change in scenery, away from crowded cities

Local Market Watch: Augusta, GA

Augusta, Georgia is no exception to the trends above and continues to be an attractive destination for relocation and real estate investments. Thanks to low unemployment, rising wages, and new job opportunities opening up in the area, Augusta is one of the most desirable places to live in the South.

As 2023 approaches, many new projects and developments are in the works for Augusta. The city’s downtown area is set to become a hub new, marked by investment in a new microenterprise center. Additionally, the continued expansion of Fort Gordon looks to bring new opportunities to the area over the next several years.

As more people flock to Augusta, we expect relocations to be on the rise. With its booming job market and low cost of living, there’s reason to believe that the housing market will remain hot in 2023!

Making the move to Augusta? Team ETG can help. For over 55 years our relocation professionals have been moving families in the CSRA and across the southeast. When you’re looking for a team of dedicated relocation professionals to help with planning, packing, relocation and beyond, we’re here to provide a customer-focused, quality-driven solution. Schedule your free estimate today!