How Real Estate Markets Will Be Different In 2023
Q: What do you think the real estate market will be like next year? Evelyn, Moonachie, NJ
A: I unfortunately don’t have a crystal ball and cannot predict the future. However, A 2023 housing forecast from Realtor.com predicted a 7.4% average for mortgage rates in 2023, which would push homebuyers’ monthly payments up and generally make homeownership more costly. Realtor.com economists also predict that rents nationwide will increase by 6.3%, while they expect median home prices to grow by 5.4% next year. Thanks for your question, Evelyn.
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