The Latest Expert Forecasts for Home Prices in 2023

 

Are you thinking about making a move? If so, all the speculation that home prices would crash this year may have you feeling a bit on edge about your decision. Let the data and the experts reassure you. Prices aren’t in a downward spiral and will actually finish the year strong.

Even though you may have heard talk that prices would drop 5, 10, or even 20% this year, that hasn’t happened. The big reason why is the supply of homes for sale is too low. There are just more buyers looking to buy than homes available, and that’s kept prices from falling.

Most Experts Project Home Prices Will Net Positive this Year

The general consensus from industry experts is that home price appreciation will actually be positive for 2023. The latest 2023 year-end forecasts are in from six different organizations.

All but one project nationally prices will net positive this year. That’s significant because it shows the majority are optimistic about home price growth.

If you’re still worried about the one that shows an overall price drop for the year, think about this. The projection from the National Association of Realtors (NAR) is for only a slight decline. It’s not the big crash all the headlines called for. Plus, if you average all six forecasts together, the expectation is that prices will net somewhere around 3.3% positive growth for the year.

If you’re worried about home prices falling this year, let the experts reassure you. Based on the average of the latest forecasts, home prices will actually show positive growth this year. If you have questions about what’s happening with home prices in our local area, DM me.

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