Home price forecasts for 2023
Let's start with the most favored outcome:
First of all, it is the prospect of most real estate agencies that the value of a house will continue to increase. However, the amount will not be large.
Typically, house prices rise by 4% per year. However, from the average of professional institutions, it is expected to rise by 2.5% next year. With the graph below, you can see how much increase/decrease is expected by which specialized institution.
Even in the statistics of the professional institutions that I refer to, the most fundamental reason is the 'balance of supply and demand', which I always emphasize. This is an unavoidable fact.
To put it this way,
There is no supply of new inventory. As you can easily find through statistics, the number of new homes built per year over the past 15 years has never exceeded the number of new homes per year over the past 50 years. In other words, after the sub-prime mortgage crisis, builders are building significantly fewer houses than before.
The prime time has come for millennials, who are the biggest generation, to buy houses. The average age of a first home buyer in the United States is 33. There are more of 33-year-olds this year than last year, and more next year than this year. In other words, as new demand continues to increase, house prices are bound to rise.
Contrary to the rumors around ‘a crash is coming soon’, statistics show a steady rise. If you are planning to sell a home in the United States next year, I hope that you are able to plan more thoroughly with this in mind.
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