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  • Writer's pictureChloe Noh's 2023 market forecast

1. Mortgage payment

This is an unwelcome prospect for both sellers and buyers. Mortgage payments next year will rise 28% compared to 2022. This is said to be an increase in mortgage payments that is more than double compared to 2021. As a result, many buyers will exit the market. In particular, it seems that the trading volume itself may decrease further in the market in the amount range that is greatly affected by interest rates.

2. Mortgage interest rate

The average interest rate in 2023 is expected to be 7.3%. This would also be an unpleasant prospect for sellers and buyers. Currently, there are signs of inflation being caught here and there, but the current inflation is still 3.5 to 4 times the level desired by the Fed, so the Fed's work is expected to continue next year.

3. House price

This may not be good for buyers, but it is a comforting prospect for sellers. It is said that the average house price is expected to increase by about 5.4% next year. As expected, the number of houses still listed is far short of the number of buyers, so house prices are bound to rise. However, it is said that the rate at which house prices rise will slowly rise in line with the slowdown in the market.

4. Inventory

This is a positive outlook for buyers. By 2023, the average amount of inventory (homes listed) is expected to increase by about 23%. You will be able to buy a house avoiding fierce competition (like that which was seen in 2021).

Of course, it is impossible to predict with 100% accuracy how the market will change in the future. However, if you look at the forecasts of various experts, it will be easy to grasp the market trend. If you have any questions about the information I have shared, please feel free to contact me.

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