San Antonio among top 10 real estate markets to watch in 2023, report says

Despite home sales falling for eight consecutive months and median home values consistently declining since May, the San Antonio-New Braunfels real estate market is still hotter than most.

Indeed, new National Association of Realtors report named it among the top 10 to watch in 2023. The San Antonio-New Braunfels metro is expected to be the ninth-best real estate market for investment next year, according to the analysis.

The NAR selected its top 10 real estate markets to watch based on how they compared to the national average using indicators such as housing affordability, job growth and migration trends, among others.

The NAR’s top 10 metros to watch include:

1. Atlanta
2. Raleigh, North Carolina
3. Dallas-Fort Worth
4. Fayetteville, Arkansas
5. Greenville, South Carolina
6. Charleston, South Carolina
7. Huntsville, Alabama
   8. Jacksonville, Florida
   9. San Antonio
   10. Knoxville, Tennessee

Every city to make the top 10 is located in the Sun Belt, with the sprawling metropolis of Atlanta taking the top spot. Dallas-Fort Worth was the only other Texas city to make the list, coming in at No. 3.

Although Southern cities and their real estate markets are expected to perform well in 2023, NAR Chief Economist Lawrence Yun, expects large coastal cities such as those in California to see steep declines in home values and market activity.

“Half of the country may experience small price gains, while the other half may see slight price declines,” Yun said in the report. “However, markets in California may be the exception, with San Francisco, for example, likely to register price drops of 10-15%.”

Unlike some economists, Yun does expect the U.S. will enter a recession next year.  He expects mortgage rates to slowly decline from their current highs to about 5.7%.

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This article appears in Dec 14-27, 2022.