Most real estate market experts are predicting a gradual recovery for the housing market in 2023. Many are predicting that the market will start to turn around by the second half of 2023, and the recovery should be complete by 2024. The most optimistic forecasts see a 10 percent to 15 percent increase in median home prices over the next two years. Analysts attribute the recovery to a combination of factors, including increased consumer confidence, a return of investor interest, low mortgage rates, and an increase in the number of first-time homebuyers. With the pandemic still having a major impact on the economy, however, there is still a great deal of uncertainty surrounding the future of the housing market.
Here’s what experts are saying.
Cristian deRitis, Deputy Chief Economist, Moody’s Analytics:
“The current state of the housing market is that it is certainly in transition.”
Susan Wachter, Professor of Real Estate and Finance, University of Pennsylvania’s Wharton School:
“Housing is going to ease up. I think 2023 will be a turnaround year.”
If you’re thinking about making a move this year, a turnaround in the housing market could be exactly what you’ve been waiting for. Let’s connect to talk about the latest trends in our area.