The Latest Expert Forecasts for Home Prices in 2023
The Latest Expert Forecasts for Home Prices in 2023
If you're thinking about making a change, you might be feeling a little uncertain and uneasy about your decision due to the possibility of home prices dropping this year. Let the data and the experts reassure you. Prices aren’t in a downward spiral and will actually finish the year strong.
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 why is the supply of homes for sale is too low. There are just more buyers looking to buy than homes available, and that’s kept prices from falling.
Let's examine the latest 2023 forecast provided by several experts to demonstrate that this year has not been a disappointment for home prices.
Most Experts Project Home Prices Will Net Positive this Year
The general consensus from industry experts is that home price appreciation will actually 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 net positive this year. That’s significant because it shows the majority 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 crash all the headlines called for. Plus, if you average all six forecasts together, the expectation is that prices will net somewhere around 3.3% positive growth for the year.
If these 6 organizations aren’t enough to convince you that prices won’t come tumbling down, here’s something else to consider. One of the six forecasts represented in the graph is the Home Price Expectation Survey (HPES) from Pulsenomics. It combines survey results from over 100 economists, investment strategists, and housing market analysts. The HPES found that the average from all 100 of those experts is 3.3% price growth for the year.
If you look back at the graph above, you’ll notice the blue average for the forecasts in this graph is also 3.3%. While individual forecasts may vary, both the HPES survey and the average of these forecasts provide the same projection. And 3.3% appreciation is a completely different story than prices falling.
Bottom Line
If you're concerned about home prices dropping this year, you can take comfort in the reassurances of experts. According to the latest forecasts, home prices are actually projected to experience positive growth this year. If you have any queries regarding the current state of home prices in our local area, feel free to connect with us.
Categories
- All Blogs 499
- Buying A Home 71
- Community Neighborhood Guides 15
- DFW Lifestyle 47
- Eat, Drink, & Shop Local 17
- First Time Home Buyer Tips 165
- Homeownership Tips & Tricks 25
- Living in Arlington, TX 13
- Living in Burleson 14
- Living in Dallas Fort Worth Metroplex 83
- Living In Texas 21
- Mansfield, TX 19
- Midlothian, TX 18
- Mortgage Rates, Financing, and Affordability 42
- New Construction & Developments in DFW 14
- Real Estate Investing 36
- Real Estate News 70
- Rentals, Property Management, & Leasing 13
- Selling Your House 166
- Texas Relocation Guide 50
- Things To Do in DFW 11
Recent Posts
MY BLOGS
- 5 First-Time Seller Pricing Mistakes That Cause DFW Homes to Sit on the Market You've decided to sell your house. You've spent time getting it ready, cleaning out closets, making repairs, and maybe even painting a few rooms. The photos look great, the listing goes live, and you're excited to see wha
- 5 Weekend Getaways Within 2 Hours of DFW: Easy Texas Escapes Worth the Drive Sometimes you just need to get away for a weekend. Not necessarily a big vacation with flights, luggage, and months of planning. I'm talking about packing an overnight bag, getting in the car on a Friday afternoon, and spen
- Tarrant vs. Johnson County Property Taxes: What Homebuyers Need to Know If you're shopping for a home in Mansfield, Burleson, Crowley, or anywhere along the southern edge of DFW, there's a good chance you've come across something interesting. Two homes can be priced almost exactly the same, located
- Best Restaurants in Arlington, Texas: 12 Highly Rated Local Favorites Worth Trying When people think about Arlington, Texas, they usually think about the Dallas Cowboys, Texas Rangers, Six Flags, and all the entertainment that brings people here from across the country. But can we talk about the foo
MY BLOGS
- 5 First-Time Seller Pricing Mistakes That Cause DFW Homes to Sit on the Market
- 5 Weekend Getaways Within 2 Hours of DFW: Easy Texas Escapes Worth the Drive
- Tarrant vs. Johnson County Property Taxes: What Homebuyers Need to Know
MY BLOGS
Local News, Events & More Emailed Daily!
