What Experts Are Saying About the 2023 Housing Market

If you’re thinking about [buying or selling](https://www.simplifyingthemarket.com/2023/01/02/what-are-your-goals-in-the-housing-market-this-year/?a=550432-7d0dd2250a392515b4ab3273bfa644ce) a home soon, you probably want to know what you can expect from the [housing market](https://www.simplifyingthemarket.com/2022/12/27/confused-about-whats-going-on-in-the-housing-market-lean-on-a-professional/?a=550432-7d0dd2250a392515b4ab3273bfa644ce) this year. In 2022, the market underwent a major shift as economic uncertainty and higher mortgage rates reduced buyer demand, slowed the pace of home sales, and moderated home prices. But what about [2023](https://www.simplifyingthemarket.com/2022/12/21/what-to-expect-from-the-housing-market-in-2023/?a=550432-7d0dd2250a392515b4ab3273bfa644ce)? An article from _HousingWire_ [offers](https://www.housingwire.com/articles/the-red-hot-housing-market/) this perspective: > _“The red-hot housing market of the past 2 ½ years was characterized by sub-three percent mortgage rates, fast-paced bidding wars and record-low inventory. But more recently, market conditions have done an about-face. . . . now is the opportunity for everyone to become re-educated about what a ‘typical’ housing market looks like.”_ This year, experts agree we may see the return of greater stability and predictability in the housing market if inflation continues to ease and [mortgage rates](https://www.simplifyingthemarket.com/2022/12/16/2023-housing-market-forecast-infographic/?a=550432-7d0dd2250a392515b4ab3273bfa644ce) stabilize. Here’s what they have to say. The 2023 forecast from the _National Association of Realtors_ (NAR) [says](https://www.nar.realtor/magazine/real-estate-news/2023-real-estate-forecast-market-to-regain-normalcy): > “_While 2022 may be remembered as a year of housing volatility, 2023 likely will become a year of long-lost normalcy returning to the market, ._ _. ._ _mortgage rates are expected to stabilize while home sales and prices moderate after recent highs, . . .”_ Danielle Hale, Chief Economist at _realtor.com_, [adds](https://www.realtor.com/research/2023-national-housing-forecast/): > _“. . . **buyers will not face the extreme competition** that was commonplace over the past few years.”_ Lawrence Yun, Chief Economist at NAR, [explains](https://www.nar.realtor/magazine/real-estate-news/2023-real-estate-forecast-market-to-regain-normalcy) home prices will vary by local area, but will net neutral nationwide as the market continues to adjust: > _“**After a big boom over the past two years, there will essentially be no change nationally**_ **. .** **_._** _Half of the country may experience small price gains, while the other half may see slight price declines.”_ Mark Fleming, Chief Economist at _First American,_ [says](https://blog.firstam.com/economics/why-the-housing-market-may-begin-to-stabilize-in-2023): > _“The housing market, once adjusted to the new normal of higher mortgage rates, **will benefit from continued strong demographic-driven demand relative to an overall, long-run shortage of supply**.”_ ### **Bottom Line** If you’re looking to buy or sell a home this year, the best way to ensure you’re up to date on the latest market insights is to partner with a trusted real estate advisor. Let’s connect.