What buyers and sellers need to know about our housing market.
What’s going on in Northeastern Massachusetts’ real estate market? According to some experts, everything is about to change. Daniel Hale, the chief economist for Realtor.com, predicts that 2023 may not be a buyer’s or seller’s market; instead, it could be a “nobody” market.
One reason for this is increasing inventory. For a long time, our market has been experiencing an extreme inventory shortage. However, the housing supply could increase by 22.8% this year. This will slow down the crazy growth we’ve seen over the last few years, but home prices are still expected to increase by 5.3% by the end of 2023.
This means sellers can still get a lot of money from their houses. However, the market is expected to slow down overall. Fortunately, a strong job market should help buyers keep up with increasing home prices. Households will need to make tough budgeting decisions when deciding to sell or buy, so reach out to an expert to discuss your situation.
If you have questions about this topic or anything else, please call or email me. I am always willing to help!
