Many of our clients and colleagues are asking us what we think will come of the housing market in 2023, and although the answer isn’t so black and white, we do know our local market remains strong today.
Experts and economists alike can agree, we are still in unprecedented times. The median sales price in the Greater Philadelphia region increased by 29% between 2019 and 2022. Nationally, the median sales price rose by 40% over that three-year period. Because home prices did not run up as quickly in our region, our local market is most likely to remain more stable.
While mortgage rates are predicted to remain at about 5.9% for much of the year, more buyers are expected to return to the market as we move through 2023. However, inventory will likely remain relatively low, as many homeowners may choose to remain “locked in” to their low mortgage rate.
If you would like to know how much your greatest asset is worth in today’s market, please message us. We would be happy to pop by in the New Year!
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