Are you thinking about making a move? If so, all the speculation of home prices dropping this year may have you feeling on edge about your decision. Let the data and the experts reassure you that prices are not dropping and the real estate housing market 2023 will finish the year strong.
Most Experts Project Home Prices Will Be Positive This Year
Even though you may have heard talk that prices would drop 5%, 10%, or even 20% this year, that hasn’t happened. The big reason is that there is low inventory of homes for sale. More buyers are looking to buy than homes available, and that’s kept prices from falling.
To prove this year wasn’t a bust for home prices, let’s look at the latest 2023 housing market forecast from a number of experts. The general consensus from industry experts is that home price appreciation will be positive for 2023.
The Latest Housing Market 2023 Predictions
To prove this year wasn’t a bust for home prices, let’s look at the latest 2023 housing market forecast from a number of experts. The general consensus from industry experts is that home price appreciation will be positive for 2023.
The graph below shows the latest 2023 year-end forecasts from six different organizations:
As you can see, all but one project nationally prices will be positive this year. That’s significant because it shows that most are optimistic about home price growth.
If you’re still worried about the one red bar that shows an overall price drop for the year, think about this. The projection from the National Association of Realtors (NAR) is for only a slight decline. It’s not the big real estate crash crash all the headlines called for.
Plus, if you average all six forecasts together, the expectation is that prices will net around 3.3% positive growth for the year.
If these six organizations aren’t enough to convince you that home prices are not dropping, here’s something else to consider.