2022-2023 Real Estate Market Predictions

Is the housing market ascending or is it on the decline? Is there a risk that rates will continue to rise or that housing prices will continue to appreciate?

Prices are rising due to a mismatch between supply and demand. Many experts predicted that the pandemic would cause a housing crash. However, the market is in far better shape today than it was a decade ago. The housing industry has had a boom last year, with the largest annual gain in single-family house values and rentals, historically low foreclosure rates, and the highest number of home sales in 15 years.

Here's what experts predict will happen in the housing market in the coming months and years. In light of what real estate professionals are forecasting, these are some educated…

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Housing Records Set in 2021

Over the past year, the real estate market saw several housing records hit a new level. Many of these are attributed to the strange and unexpected changes that were driven by the pandemic and how it had an impact on several areas of the economy and daily life.

Here are 10 of the housing records that hit a new number in 2021 according to research conducted by Redfin.

The average home sold for almost $400,000

The national median home sale price had an all-time high. The number as of June 2021 was an astounding $386,000 which is an increase of 24.4% from the previous year. And those numbers are not currently the all-time high. 2021 hit another record towards the end of the year due to double digit percentage increases.

Home supply drops to…

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