Top Ranked Real Estate Markets
Amidst these changes, certain real estate markets have risen to prominence, showcasing significant shifts and opportunities. PwC’s Emerging Trends in Real Estate 2023 survey lists Nashville as the top-rated metro area, garnering attention for its desirability. A standout, however, is the Dallas/Fort Worth area, which leaped five spots since last year's rankings. Orange County and Atlanta also maintain their positions in the spotlight, ranked at 25 and third, respectively. Additionally, Raleigh, Phoenix and Charlotte have earned their places among the top ranks, reflecting their growing significance in the real estate landscape.
Video Marketing and Virtual Tours
Now more than ever, virtual experiences have taken on a new level of importance in real estate. In fact, listings featuring virtual tours show tremendous advantages, with studies revealing that they receive 87% more views than listings without such immersive experiences (which are skipped over by more than half of would-be homebuyers all together). Beyond simple convenience, virtual tours offer a solution for those who seek to explore properties from a distance or prioritize safety during uncertain times. Technology has opened doors for buyers to engage with homes regardless of geographical barriers or health concerns, expanding the possibilities of the market.
Where the Money's At
PwC’s Emerging Trends survey shows niche sectors, like medical office spaces, gaining favor, highlighting a shift in investment preferences. Notably, suburban offices are anticipated to retain their value better than their center city counterparts, signifying changing working patterns and preferences. Meanwhile, a consensus has been reached on the promising potential of the retail sector, with grocery-anchored community and neighborhood centers in high-population growth markets seen as robust investment opportunities, especially within the Sun Belt and Mountain states—an affirmation underscoring the importance of adapting to changing consumer behaviors and preferences in retail.
Prices are Soaring
Transformative inclinations such as these are not without their share of concerns. As mortgage rates continue their trajectory upward, affordability continues to decline, presenting noteworthy challenges for those aspiring to enter the housing market. Moreover, affordability for single families has plummeted by 37%, leading to greater hurdles for prospective homeowners. This worry spreads beyond home purchasing, as apartment rental costs have surged by over 15%, impacting the broader real estate ecosystem.
These evolving trends reflect a blend of resilience, adaptation, and innovation. From virtual experiences revolutionizing property exploration to the nuanced preferences in pricing and investment, the real estate landscape continues to evolve in response to both external and intrinsic factors. As we traverse this road together, it’s important to understand these emergent trends, which are essential for seizing opportunities and paving the way for ongoing success.
With offices in both California and Texas, NMC Realty is dedicated to helping you find your ideal neighborhood, no matter your preferences. Your journey to real estate success starts with us. Contact us today.