Are Home Prices Dropping?

Experts are starting to make their 2023 home price forecasts. 🔮

Most agree homes will continue to gain value, just at a slower pace. Over the past couple of years, home prices have risen at an unsustainable rate, leaving many to wonder how long it would last.

Historically, home prices have appreciated at a rate near 4%. For 2023, the average of six major forecasters is 2.5%.

Two things are driving home prices upward today.

📍First, the undersupply of homes on the market is an issue we continue to face. We still don’t have enough homes on the market for the number of people that want to buy them. Even as inventory across the country increases, we remain in a seller’s market.

📍Second, millennials are moving through their peak home-buying years. Being the the largest demographic behind the baby boomers, demand is anticipated to stay strong.

Questions about the market? Let us know in the comments below and share this with someone you know who is asking about home prices.

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