I am sure you are wondering what to expect will happen with home values in 2023. Keep reading to find out what experts are predicting will happen with home prices in 2023.

As we are coming to a close of 2022, what are the experts forecasting for next year? Will it still be a good time to sell here in Chapin & Lexington, South Carolina? The answer is YES!! On average, forecasters are predicting home prices to continue to appreciate by 2.5% in 2023. Now that may be lower than the last couple of years when the market was seeing skyrocketing home prices, BUT it is good news to homeowners who have been led to believe their homes will lose substantial value.

So why is this? According to the experts two things are causing home prices to continue to tick upward next year: An undersupply of homes on the market (i.e. supply and demand) which still has us in a seller's market AND millennials are now moving into their home buying peak years. Millennials continue to be one of our largest demographics of homebuyers. Experts are also predicting a stronger Spring Market in 2023 with interest rates coming slightly down and buyers who have been sitting on the sidelines jumping back into the market. Of course, keep in mind these are all predictions and it is best to consult your real estate agent for local market conditions at the time you list. 

As always, please feel free to reach out to me if you are thinking of buying or selling and we can put together a comprehensive plan for you.

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