2023 Housing Market Predictions

After the roller coaster ride that was the housing market last year, everyone wants to know what the 2023 housing market will look like. Today we are going to look at the predictions that the experts have made for the 2023 housing market. Expect to see more traditional concessions being made, slightly lower prices throughout the rest of the winter followed by a typical increase in the spring, and lower interest rates. Essentially we will see the normal ebs and flows of the seasonal market and no expected drastic changes.

Balanced Market in the Spring

The market has been crazy for the last couple of years, but the 2023 housing market is expected to be much calmer and less dramatic. We won’t see the crazy bidding wars like in 2021 and we also won’t see people waiting to buy or sell their homes because of fear over the economy. Like many things right now, we will see more of a return to normal. Homes are expected to be listed in about the same proportions as are being sold, however, we will still have tight inventory. So what does that mean for you? Homes may sit on the market for a couple of months before being sold, but they will sell and for a fair market value. This is great news for buyers and sellers alike because a lot of the added stress we have seen lately will dissipate.

New Construction

New construction homes were selling like hotcakes in 2022 due to the inventory shortage. In response, builders have been working to get new homes and neighborhoods built as quickly as possible. However, in the 2023 housing market, now that things have cooled off a bit, many builders have a surplus of new homes waiting for their new owners. If you are wanting a new construction home, now is a great time to make that dream a reality. Almost all of the builders in the Saline area are offering some kind of discount or special incentive program right now to get rid of extra inventory. Now is a great time to take advantage before the spring market starts to heat up.

Slight Buyers Market in the Fall

By late summer or early fall, the 2023 housing market will start to see a shift and the pendulum will begin to swing the buyer’s favor. It isn’t expected to be anything drastic. It will be more like the typical slowdowns of fall with fewer buyers, more days on the market for listings, and slightly lower sales prices.

Overall they are expecting a very healthy 2023 housing market! YAY!

Thanks for reading!

MI Home Team Realtors

Cheryl Clossick

Ginny Krauss

Kelly Marion

Chrissy Myers