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.

• Realtor.com: 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.

• Realtor.com: 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.

• Realtor.com: 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.