What 2023 Has in Store for the Housing Market
With 2022 in the rearview mirror, it’s time to turn our attention to the future and what it may have in store for the housing market. According to experts, 2023 will be a year of opportunity as supply finally returns to normal levels and prices start to moderate. Let’s take a closer look at what we can expect from the housing market in 2023.
Considering current trends, home prices will likely experience a peak-to-trough decline of up to 10%. The first half of 2023 will probably see a continuation of the trends established over the past year or two. Home prices are expected to continue their upward climb. With more buyers looking for homes than available properties, competition will remain fierce in most markets across the country.
However, that could change in the second half of 2023. As new construction finally begins to catch up with demand, we should start seeing an increase in available homes on the market. It should lead to some much-needed relief from sky-high home prices, though don’t expect a repeat of 2010 when home prices plummeted due to foreclosures and unemployment rates reached double digits nationwide.
At Berkshire Hathaway, we believe that this increased availability will create exciting opportunities for potential homebuyers and sellers alike—especially those willing to think outside of traditional housing markets. From rural areas and small towns with little population growth over recent years to vacation homes and other alternative solutions for getting into real estate—2023 could be your chance.
All signs point toward 2023 being an exciting year for those looking to buy or sell a home. As supply catches up with demand, we should expect an influx of available properties that could help bring down prices from their current heights.
If you are in the market for a new home, let the experts at Berkshire Hathaway HomeServices find the perfect one for you. We have a wide variety of properties from which to choose, and our agents are dedicated to finding the right one for each individual client. Contact us today to get started on finding your dream home!