If you need assistance, please call 703-743-4410

What Experts Foresee for Housing Prices Next Year

Friday, September 23, 2022   /   by Laura Larson

What Experts Foresee for Housing Prices Next Year

blog 4.jpg
Home price projections for 2023 are currently being calculated by real estate experts. Most analysts concur that properties will still increase in value, albeit at a slower pace than in recent years. There has been a lot of speculation about how long the recent unsustainable spike in property prices will last. If you're wondering what the price of your property will be in the future, be aware that specialists are now providing answers. This is good news for homeowners who might have been misled by the media into thinking their homes will depreciate in value.

Historically, home prices have appreciated at a rate near 4% annually. For 2023, the average of six major forecasters noted below is 2.5%. While one, Zelman & Associates, is calling for depreciation, the other five are calling for appreciation.

Look to supply and demand economics to comprehend why specialists are urging for appreciation in the upcoming year. As a financial specialist asserts: "The fundamental factor that determines how much houses cost almost always is supply and demand...”

Home prices are rising as a result of two factors. First, we still have a problem in this country with the lack of available housing. There are still not enough houses available for sale to accommodate the demand. To support that claim even further, the national real estate market is still one in which homes tend to rise in value.

Second, the prime home-buying years for millennials are currently underway. They make up the second-largest demographic after baby boomers, so demand won't diminish anytime soon.

Bottom Line
Although at a slower rate than the previous three years, experts anticipate that property prices will still rise in 2023. It is clear why this is the case. Real estate is currently experiencing and will continue to experience the changing dynamics of supply and demand for many years to come. If you are considering buying or selling a home, contact Laura Larson, her experience and expertise will help you make a well-informed decision.
Larson Fine Properties
Laura Larson
7294 Joffa Circle
Warrenton, VA 20187
703-743-4410

The data relating to real estate for sale on this website appears in part through the BRIGHT Internet Data Exchange program, a voluntary cooperative exchange of property listing data between licensed real estate brokerage firms in which Larson Fine Properties participates, and is provided by BRIGHT through a licensing agreement. The information provided by this website is for the personal, non-commercial use of consumers and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some properties which appear for sale on this website may no longer be available because they are under contract, have Closed or are no longer being offered for sale. © 2022 BRIGHT, All Rights Reserved Information Deemed Reliable But Not Guaranteed. Data last updated: September 29, 2022 8 PM.
This site powered by CINC: www.cincpro.com