Seneca County News & InformationWeekly Update January 17, 2023

Housing Predictions for 2023

Experts on the housing market have made their predictions for trends in 2023. Read what they saying and what my are predictions for Seneca County.

Home Prices:
  • 5.4% appreciation in values
  • National Association of Realtors: Zero – 1% appreciation
  • Redfin: 4% Depreciation in home prices
  • My Prediction: Prices will remain steady for Seneca County with no significant appreciation or depreciation. Low inventory will keep prices stable.
Number of Sales Transactions (compared to 2022):
  • 14.1% decline
  • National Association of Realtors: 6.8% decline
  • Redfin: 16% decline
  • My Prediction: Last year was the highest number of transactions posted in the past 10+ years (according to Firelands MLS). Expect 2023 to be similar in numbers to 2019, which was an excellent year but not the frenzy we saw in 2021 & 2022. Results could be a 15-20% decline in single family sales.
  • 22.8% more homes for sale
  • National Association of Realtors: Inventory to remain at historic lows.
  • Redfin: Expects new listings to continue to remain at historical lows.
  • My Prediction: I tend to agree with the trend that NAR & Redfin are projecting. People may not be in love with their home, but they are in love that <3% interest rate and low mortgage payment. This may keep people in their homes longer than what is typical.
REAL ESTATE IS LOCAL! What is happening on the national level may not impact Seneca County for months … or not at all. So, Stay Tuned!