Skip to content
Home » Valentine's Day » Housing Market: What will prices of houses be in 2023?

Housing Market: What will prices of houses be in 2023?

Interest rates on home loans continue to rise, which has some housing market experts thinking prices could drop in 2022-23.

house for sale on the housing market

In 2021, the housing market exploded, raising the prices of homes more than in 2007 during the financial collapse.

According to AS News, there are reasons for the growth in the housing market last year.

Finger Lakes Partners (Billboard)

Homeowners: There’s a $2,000 tax credit each year you may qualify for

This includes:

  • Disposable income shifting
  • Credit and its cost and access
  • Supply issues
  • Rising labor and material costs

The Federal Reserve says these things are not things that would cause a market bubble.

This does not mean a bubble will not happen if the market continues to go this way.

What is happening to influence the housing market going forward?

The Federal Reserve is raising interest rates in an attempt to slow inflation.

This will directly impact that rates people receive when applying for mortgages.

Housing Market: Rising mortgage rates won’t lower home prices, as housing crisis looms

Currently, a 30 year fixed rate mortgage is 5.11%, the highest it’s been since 2011.

Projections made show that prices may not drop, but they will not rise at the rapid rate they did in 2021.

Supply is likely to remain low like it has been in the housing market.

Categories: News