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

Expect an Increase of 1% in The National Median Next Year Instead

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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Real Estate Market Report

Rockwood Homes Currently Listed

Rockwood Homes Currently Pending

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 expert to develop a plan to stay ahead of the curve will result in the best sale possible. Call me today at 509.475.9075 to get the conversation started.

Rockwood Homes Recently Sold

Tanya Starkel and Keller Williams Realty are not in any way affiliated with Rockwood Home Owners Association, nor is this in any way an official advertisement or publication of Rockwood. © 2023 All rights reserved. This representation is based on sales and data reported by multiple brokers/agents to the SAR as of January 10th, 2023. Listings and sales may not be those of Keller Williams Realty. SAR does not guarantee the accuracy of this data, which may not reflect all the real estate activity in the area. E&OE covered. This market report is not intended to solicit properties already listed for sale nor intended to cause a breach of an existing agency relationship. *Square feet rounded down to nearest hundred.