Twin Cities real estate experts predict slower home price growth in 2023
Local real estate experts predict 2023 will bring more stability to the Twin Cities' housing market. Here's what they're saying:
1. Inventory levels are expected to remain tight.
Sellers will hesitate to give up their favorable interest rates, and construction activity will slow considerably, predicts Denise Mazone, 2022 president of Minneapolis Area Realtors.
- "Recent months have seen slight gains in inventory as buyers have pulled back more than sellers," Mazone, who owns Mazone Real Estate Group, tells Axios.
2. Sales will normalize.
Rising interest rates and low inventory have caused recent sales activity to decline significantly, says Jerry Moscowitz, president of Minneapolis Area Realtors.
- In 2023, sales will likely "return to a more historical growth trend, though the timing will hinge on rates and supply," says Moscowitz, a realtor with RE/MAX Results.
3. Price growth will continue, but at a slower pace.
Realtor Jamar Hardy with Edina Realty says he does not expect price declines this year.
- "In fact, the Midwest tends to have some of the most stable home prices in the country," Hardy tells Axios.
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