Housing Market Predictions For 2023 – George Moorhead

Real estate has experienced a phenomenal run in the past few years. There have been numerous reasons for this, but one of them is the massive and unprecedented surge in interest in real estate. However, 2023 will be a very uninteresting year for the Washington real estate market. Even though prices go up and down sometimes, they will mostly stay the same all year, and there won’t be much new construction. Read the report to find out why this is the case and what the real estate market was like in the first week of 2023.

Running Seven-Day Average

As its name suggests, the seven-day average shows the market trend for the past seven days. It tells about recent events, is an excellent short-term indicator, and picks up on trends before annual reports do. Here is the average of the last seven days as of January 06. 

  • New Listing   —     640
  • Listing Sold   —         494
  • Listing Pending   —        698
  • Back on The Market —       148
  • List Price Reduced     —         476
  • Listing Expired   —     330
  • List price Increased  —           23
  • Contingent     —     17  
  • Listing Cancelled   —   128

Keep in mind that 148 homes are back on the market. If you want to buy a home, this is a great chance. You must realize that these sellers have lost customers somehow, which is never a good feeling. You can use them to negotiate a better price on their house if you play your cards right. 

Compared To The Previous Month

In the first week of January, real estate numbers are in, showing a slight decrease compared to December 2022. Here’s a quick rundown of the August numbers compared to July:

  • The average number of homes for sale is down by 20.2%.
  • New listings are down by 5.4%.
  • The number of homes under contract was up 14.7%.
  • The number of listings sold was up by 50.1%.

Overall, the numbers could be better compared to the previous month. However, that should be expected since it has only been seven days.

Compared To January 2022

It’s time to look at the real estate numbers for the first week of January and see how they compare to the same month last year. And this year, the numbers are looking good! 

  • The average number of homes for sale is up by 192.3%.
  • New listings are up by 48.5%.
  • The number of listings sold is down by 50%.
  • The number of homes under contract is up 23.9%.

Now is a fantastic time to buy or sell a house this time. Anyone still on the fence should take the plunge.

Compared to Last Year

When we compared January 2023 to the numbers from January 2022. Here’s what we found:

  • The average number of homes for sale is up by 192.3%.
  • New listings are up by 48.5%.
  • The number of listings sold is down by 50%.
  • The number of homes under contract is up 23.9%.

Reminder: These stats will change as the month goes on!

Why Will This Year Be Neutral/Boring?

As we have said, interest rates will go down next year. This is happening for several reasons, including the current state of the economy and upcoming rules from the government, as well as the fact that the market needs to return to “normal” as it was before COVID.

But, just like the stock, they occasionally go up and down. So, when prices go up, the market will favor sellers, but when interest rates go down, the buyers will be in a better position.  But even though the market is stable, homeowners and real estate agents should still be aware of some risks.

These risks include the possibility that home values will go down, housing prices will go up, and the economy will slow down. To reduce these risks, homeowners and agents should keep a close eye on the market, choose wise investments, and stay organized. 

Finishing Touch

Ultimately, based on these trends and forecasts, the Washington real estate market in 2023 will be incredibly dull. Those looking to invest or buy a home should do so sooner rather than later; things may worsen. However, while it might not be as exciting as you were hoping, there are still some good buys out there if you’re preparing to look for them!


I am Selim Khan Dipu (Professional Blogger)

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