Realtor.com is out with its real estate predictions for 2023 and one Georgia city makes its top ten list of housing markets positioned for growth. Augusta, GA ranks sixth on the list. The article recognizes that remote work is allowing families to seek out affordable housing in cities with strong economies as alternatives to larger and more expensive locations.
(Excerpt from Realtor.com)
The move toward affordability will continue in 2023, as high prices and mortgage rates drive buyers to find lower-priced homes. The top markets expected to perform well next year offer a solid mix of local economic conditions, proximity to larger employment centers, and critically, more affordable housing. Even in an environment where families are finding that their dollars no longer stretch as far as they did just a few months ago, cities like Hartford, El Paso, Louisville, or Chattanooga offer a larger share of affordable homes for a median income.
In the Top 10 metros for 2023, about 23% of housing inventory is affordable at the median income level, a noticeable improvement from all the other markets. When considering all other markets and excluding the Top 10, only 17% of available homes for sale are affordable to a household earning the median income. And that affordability picture worsens considerably in the 10 metros where sales and price growth is expected to be weakest in 2023. In these areas less than 4% of inventory is financially attainable to a family earning the local median income.
>>Click here to read the article including its Top 10 Housing Markets Positioned for Growth in 2023
You must be logged in to post a comment.