Home prices may go up and down a little in certain markets-but they’re unlikely to change drastically enough to completely alter your housing plans. And since there’s still strong buyer demand and a shortage of homes for sale, prices aren’t going to plummet-or spike. The main thing to know about this (and any) market is that home prices are determined by supply and demand. (Just something to keep in mind as you watch the average house price in 2023 fluctuate.) That’s because a small group of abnormally high- or low-priced houses can throw off the average and make regular homes seem more or less expensive than they really are. It’s usually better to look at median home price than the average. Just so you know, the median price is right smack dab in the middle of lowest to highest prices. 1 But most experts report on the median, which saw an annual increase of around 1% to $435,000. was $760,362 in September 2023 (including existing homes, new builds, single-family homes, condos and townhomes). So don’t expect home prices to drop like a rock-even if some markets trend down. Plus, housing supply is still low and probably won’t catch up for a few years (we’ll talk more about that later). Lending rules are stricter now, so experts don’t expect a massive number of foreclosures. It’s unlikely the housing market will crash in the next few years because the current market is so different from the housing market crisis. Based on the data, it’s time to put those comparisons away. Some people are still comparing the current housing market to the one that caused the Great Recession of 2007–09. And really, crazy just adds an extra level of stress to buying or selling a house. real estate market is still strong-it’s just not as crazy as it was a few years ago.
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