Here's what experts say 2023 holds for Raleigh real estate
Local experts say the Raleigh real estate market will largely hold steady in 2023. Here's what to expect this year.
1. Prices aren't going to crash
Pent up demand from 2021 and 2022 and a low supply of homes for sale will prevent prices from crashing, Susan Bashford with Hodge & Kittrell Sotheby's International Realty says.
- Would-be-buyers have been waiting for the market to calm down, and potential sellers have waited to list until inventory picks up, Bashford explained.
2. Buyers will have a little more luck
Tim McBrayer at Jim Allen Group at Coldwell Banker Howard Perry And Walston tells Axios 2023 will still be a sellers' market, but not quite as challenging for buyers as 2022.
- "We will still have more buyers than we have properties for sale for the foreseeable future but some lessening of demand may help push average home prices down from the highs of 2022," he says.
- Houses might sit on the market for longer, for example.
AnnMarie Janni, founder and leader of Element Realty Group at Allen Tate Realtors, thinks the market will even out in 2023; not favoring buyers or sellers.
- "I think we are going to start the year slow, but will be in a strong, very even market," she says.
3. Buyers and sellers will need to make adjustments
Sellers might have to drop their asking prices, or put in more work before their homes hit the market (think fresh paint and carpet), Janni says.
Rising interest rates, though, have made homes even more unaffordable for the typical Triangle resident, despite some price drops, Axios recently reported.
- Buyers, Janni says, are still adjusting to those interest rates and may decide to get the house they want and hope to refinance when the rates drop.
More Raleigh stories
No stories could be found
Get a free daily digest of the most important news in your backyard with Axios Raleigh.