Here’s what the experts are forecasting for the housing market and what’s really happening with home prices. Take a look at this. It’s the home price forecast for 2023 from six industry experts. While some are calling for slight appreciation, others are calling for slight depreciation. The best way to look at this is to average them all together to get a full picture. When we do that on a national level, it’s roughly neutral or flat appreciation projected for the next year. There are a lot of things that factor into home prices, like supply demand and interest rates What will happen next will vary by location, basically, just like they’ve already had this year. Some areas might see slight growth and others might see a slight decline. But more significant changes in overheated markets. Hyper locally in Encino, Sherman Oaks, New York City and surrounding areas, we’re seeing limited homes hitting the market. People are just too in love with their low interest rates and are hesitant to move. More homes will hit the market once that interest rate drops. Some are expecting that to happen in the middle to late 2023. Now, our economists Lawrence Yun expects 2024 to also be a great year for real estate, with home sales surging 10% and 5% jump in the national median home price. If you do have more questions, please reach out to us and we are happy to help.
