Housing Market Outlook for 2023
Housing Market Outlook for 2023
Housing Market Outlook for 2023
Housing Market Outlook for 2023
According to Bright MLS economist Dr. Lisa Sturtevant, first home sales have fallen to a level not seen in years. 17,000 home sales 35.7% lower than last year and the lowest since 2015.
In the Greater Washington D.C. area which includes N. Virginia & Maryland, the dramatic housing market slowdown reflects a shift which is also impacted by rising mortgage rates.
Sellers and buyers were on the sidelines with new listings down 21% as compared to last year. With limited housing supply, even a .5% point drop in mortgage rates hardly made a difference in home purchases.
What should we expect for 2023
Bright MLS economist Dr. Lisa Sturtevant says housing demand will be back as 6% mortgage rates becomes the new normal. There will be an uptick in housing inventory but a big surge is not expected.
Good News
The Mid-Atlantic market is much better positioned than other parts of the country for a major market correction
The Bright MLS prediction for 2023
A 5% drop in the US home sales
A 4% drop in home sales in the Washington DC area
6% drop in the Baltimore area
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How can we help?
If the exclusive buyer agents at HomeBuyer Brokerage can assist you in any way, please don't hesitate to contact us at info@homebuyerbrokerage.com.
Housing Market Outlook for 2023
According to Bright MLS economist Dr. Lisa Sturtevant, first home sales have fallen to a level not seen in years. 17,000 home sales 35.7% lower than last year and the lowest since 2015.
In the Greater Washington D.C. area which includes N. Virginia & Maryland, the dramatic housing market slowdown reflects a shift which is also impacted by rising mortgage rates.
Sellers and buyers were on the sidelines with new listings down 21% as compared to last year. With limited housing supply, even a .5% point drop in mortgage rates hardly made a difference in home purchases.
What should we expect for 2023
Bright MLS economist Dr. Lisa Sturtevant says housing demand will be back as 6% mortgage rates becomes the new normal. There will be an uptick in housing inventory but a big surge is not expected.
Good News
The Mid-Atlantic market is much better positioned than other parts of the country for a major market correction
The Bright MLS prediction for 2023
A 5% drop in the US home sales
A 4% drop in home sales in the Washington DC area
6% drop in the Baltimore area
Request More Information
We will not share your information with anyone....
Thank you for requesting more information...
We value and protect your privacy and will never share your contact information with anyone else.
How can we help?
The exclusive buyer agents at HomeBuyer Brokerage specialize in serving home buyers. Please reach out with questions at info@homebuyerbrokerage.com.
