Don’t Expect a Price Drop in Home Prices in 2023

EXPECT AN INCREASE OF 1% IN THE NATIONAL MEDIAN NEXT YEAR INSTEAD

The Current Market

While elevated rates, sluggish sales, and high inflation have taken a toll, it’s unlikely home prices will drop next year. In fact, we may see a further uptick; home prices are holding steady for most parts of the country since inventory is extremely low.

Mortgage Rates

Housing inventory is about a quarter of what it was in 2008, with distressed property sales at just 2% and nowhere near the 30% mark seen during the crash. There are signs that mortgage rates have topped out at 7%. One example is the October consumer price index, which shows inflation is rising less than expected.

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Predictions

Home sales are expected to decline by 7% in 2023. However, 2024 is expected to result in a strong rebound, with a projected increase of 10% in home sales and a 5% increase in the national median home price. Prices should hold firm or marginally grow.

Plenty of potential buyers are still patiently waiting to enter the market. Talking with your neighborhood experts to develop a plan to stay ahead of the curve will result in the best sale possible. Call us today at 713-557-7095 to get the conversation started.

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Allow us to invest our ambition and expertise toward the successful sale of your house while also providing an exceptional service experience. Contact us to start the conversation at 713-557-7095, and let our marketing work for you!

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