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
Utah County Homes, The Bennetts 