Jan 17, 2023 - Real Estate

Philly real estate isn't poised for a 2023 crash

Illustration of the year 2022, with a keyhole for a zero, which zooms in so you can see through the keyhole to the year 2023.

Illustration: Brendan Lynch/Axios

A real estate market crash isn't likely in 2023. Here's what Brett Rosenthal of Compass' Revolve Philly Group says to expect instead.

1. It'll be slow to start.

  • Rosenthal predicts 2023 will be slower than the last few years, but activity will pick up later in the year.

2. Demand will pick up from regular folks — and investors.

  • "Higher interest rates took some buyers out of the market, however I am already seeing many come back," he says.
  • Investors will be active in Philly in 2023, too. Philly, Rosenthal says, has a lower cost of entry than other markets, which makes it ripe for investors.

3. Prices will hardly change.

  • Because supply is still so low, prices will only come down slightly. "I expect that to continue until the spring," Rosenthal says.
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