Following the Covid-19 outbreak in 2020, 2021 and 2022 were record breaking years for the housing market. In 2023, experts predict things to settle down and even out a bit before a potential rebound in 2024. We’ve compiled a list of predictions worth highlighting from a collection of expert opinions.

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Here’s what to expect in 2023:

• On average, national home prices in 2023 are predicted to fall about 5%
• Mortgage rates predicted to peak around 8%
• Homes expected to spend longer on the market than in previous years
• Housing inventory expected to rise slightly throughout 2023
• Experts do not expect to see a massive increase in foreclosures
• Single-family housing and rental property construction expected to bounce back following a decline in 2022
• Rent prices predicted to flatten
• Short-term rental prices predicted to decline
• First-time landlords may increase in 2023

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Housing market predictions can help you get an idea of what to expect when buying or selling a house, but they shouldn’t dictate your decision. If you’re looking to buy or sell a home in 2023, working with a hyper-local agent will be key. An agent who has specialized knowledge about your local housing market will make all the difference. Blue Ridge Properties has you covered. Browse our agents here: https://www.brphomes.com/Agents or contact us online, give us a ring (423-247-4181), or stop by one of our offices to chat.

Article Resources:

• Bankrate
• Forbes
• Zillow