The U.S. has seen a rapid increase in mortgage rates which then quickly fell in November of 2022, meaning that home purchases slowed. Luxury Real Estate experts Sherman Oaks realtors analyzed data from Zillow’s Home Value Index Tool alongside population data from World Population Review to find out what the market looks like in 2023. South Carolina has seen the most homes sold, with 77.30 per every 100,000 people. Over the last month, 4,071 houses and apartments were sold with the average price coming in at $301,659. Arizona is next with 76.82 house sales at an average price of $419,675. This is above the national average of $357,319 across the nation.
With over 8,000 homes sold, North Carolina has 75.74 sales per 100,000 residents and has an average price of $329,634. Florida is one of the highest in number of properties sold but due to its large population this translates to only 73.59 sales for every 100,000 people. The average price is above the national average at $404,939. Tennessee is fifth on the list with 72.53 sales and the average price is below the national average, sitting at $311,330.
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Ohio has a steep drop in sales per 100,000 to only 65.77 despite having the second-highest population in the top ten. Rounding out the list are Oklahoma with 64.80, Idaho with 64.46, Arkansas with 61.05 and Georgia with 60.46.
A spokesperson from Sherman Oaks realtors commented: “We have seen sales drop year-by-year in real estate, and this is due to rising inflation and mortgage rates combined with low wages. However, seven states out of the top ten in this list have a lower average house price than the national average so they have become more affordable and have higher sales per capita as a result. Population demographics also play a part. Florida has a much higher proportion of elderly residents, and they are the majority of cash buyers across the US.”