2023 National Housing Market Predictions

What does 2023 hold for the housing market nationally? Nobody has a crystal ball, but here are some predictions from The Residential Specialist Magazine:

2023 Will See a Return to a Slower, but Still Healthy Market- It will take a little longer to sell & there will be pricing adjustments, but home values should raise at a normal rate of 3-7%.

Seasonal Fluctuations Will Return- Normal ebbs & flows of the market due to school, vacations, holidays, etc. expected to return. 

Above 5% Interest Rates Will Become the New (& Old) Normal- higher rates are predicted to be here to stay. 

Assumable Loans May Become a Popular Offering- loan assumptions take longer but can save you money if you qualify to do it.

It Will Be a More Balanced Market- inventory is still low, but we are seeing more negotiations & moving towards a more neutral market. More give & take on both buyer & seller sides to make a deal work. 

What do you think? 

These are national predictions, and we all know that real estate is local, but I think this helps give good insight in what to expect overall. We will be attending a Utah specific housing forecast here shortly & will certainly share those insights with you.

From what we have seen, Utah County in specific has always had a steady demand for housing. We still have low inventory & high demand. Great homes that are priced well get sold & there are still buyers that need a home.

Some of the latest Utah County Market Stats from November 2022 are:

Median Sales Price: $495,200

Average Sales Price: $566,760

Days on Market Until Sale: 48

Months Supply of Inventory: 3.1

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