Leave a Message

Thank you for your message. We will be in touch with you shortly.

What Experts Are Saying About the 2023 Housing Market

January 9, 2023

Market Update

What Experts Are Saying About the 2023 Housing Market

If you’re thinking about buying or selling a home soon, you probably want to know what you can expect from the housing market this year. In 2022, the market underwent a major shift as economic uncertainty and higher mortgage rates reduced buyer demand, slowed the pace of home sales, and moderated home prices. But what about 2023?

An article from HousingWire offers this perspective:

“The red-hot housing market of the past 2 ½ years was characterized by sub-three percent mortgage rates, fast-paced bidding wars and record-low inventory. But more recently, market conditions have done an about-face. . . . now is the opportunity for everyone to become re-educated about what a ‘typical’ housing market looks like.”

This year, experts agree we may see the return of greater stability and predictability in the housing market if inflation continues to ease and mortgage rates stabilize. Here’s what they have to say.

The 2023 forecast from the National Association of Realtors (NAR) says:

While 2022 may be remembered as a year of housing volatility, 2023 likely will become a year of long-lost normalcy returning to the market, . . . mortgage rates are expected to stabilize while home sales and prices moderate after recent highs, . . .”

Danielle Hale, Chief Economist at realtor.comadds:

“. . . buyers will not face the extreme competition that was commonplace over the past few years.”

Lawrence Yun, Chief Economist at NAR, explains home prices will vary by local area, but will net neutral nationwide as the market continues to adjust:

After a big boom over the past two years, there will essentially be no change nationally . . . Half of the country may experience small price gains, while the other half may see slight price declines.”

Mark Fleming, Chief Economist at First American, says:

“The housing market, once adjusted to the new normal of higher mortgage rates, will benefit from continued strong demographic-driven demand relative to an overall, long-run shortage of supply.” 

Bottom Line

If you’re looking to buy or sell a home this year, the best way to ensure you’re up to date on the latest market insights is to partner with a trusted real estate advisor. Let’s connect.

Explore Our Other Blogs

Stay Updated On Our Most Recent Blog Posts

Real Estate

The Real Reasons San Jose Housing Feels Out of Reach (And What You Can Do)

Brian Ng  |  July 4, 2025

The Real Reasons San Jose Housing Feels Out of Reach (And What You Can Do)
Unlock San Jose Investment Potential: How a Proactive Realtor Finds Silver Creek & Evergreen Deals Before Others

Real Estate

Unlock San Jose Investment Potential: How a Proactive Realtor Finds Silver Creek & Evergreen Deals Before Others

Brian Ng  |  July 4, 2025

Unlock San Jose Investment Potential: How a Proactive Realtor Finds Silver Creek & Evergreen Deals Before Others

Buyer's Real Estate Tips

How Much Money Do I Really Need to Buy a House in San Jose?

Thao Dang Pham  |  July 3, 2025

How Much Money Do I Really Need to Buy a House in San Jose?
Is San Jose Really a Wealthy Area? Unpacking Income, Housing & Lifestyle

Real Estate

Is San Jose Really a Wealthy Area? Unpacking Income, Housing & Lifestyle

Brian Ng  |  July 2, 2025

Is San Jose Really a Wealthy Area? Unpacking Income, Housing & Lifestyle
Avoid Realtor Regret How to Spot a Trustworthy Partner for Your San Jose, Evergreen & Silver Creek Ventures

Real Estate

Avoid Realtor Regret: How to Spot a Trustworthy Partner for Your San Jose, Evergreen & Silver Creek Ventures

Brian Ng  |  July 2, 2025

Avoid Realtor Regret: How to Spot a Trustworthy Partner for Your San Jose, Evergreen & Silver Creek Ventures
Is San Jose Real Estate Too Expensive? A Deep Dive into Prices, Rents & Value Drivers

Buyer's Real Estate Tips

Is San Jose Real Estate Too Expensive? A Deep Dive into Prices, Rents & Value Drivers

Thao Dang Pham  |  July 1, 2025

Is San Jose Real Estate Too Expensive? A Deep Dive into Prices, Rents & Value Drivers

Let's Talk

You’ve got questions and we can’t wait to answer them.

FOLLOW US ON INSTAGRAM