Real Estate Trends to Watch for in 2023
Who do you turn to for important information? Trusted experts, right? So do we at Johnson & Burge. We also trust what we are seeing and feeling in real life and in real time as we guide our clients through buying and selling real estate.
Let’s take a local look at three statewide housing trends in 2023, according to Virginia Association of Realtors Chief Economist Ryan Price.
Buyers are in a better position than recent years. Buyers in our Hampton Roads market have more homes to choose from, more negotiating power and more time to evaluate their options.
Home prices will likely remain stable in many markets around the state. Even as home sales have slowed, data shows our local market has remained relatively flat. This helps our buyers maintain a level of affordability.
Inventory challenges will likely persist. Yep, we are experiencing this, too, in real time with our buyers who have more options than they did a couple years ago, yet overall housing supply remains low.
Here's the bottom line: Our buyers recently have had a little bit more advantage and opportunity. Home prices are continuing to rise, but at a slower pace than in recent years. And, yes, we still don't have quite enough homes available for purchase, but there are more homes on the market now than there were last year at this time.
Let us be your trusted experts for all things real estate in Hampton Roads. Let us help you make a great move.