The Latest Expert Forecasts for Home Prices in 2023

If you’re contemplating a move, you may feel anxious due to the rumors about home prices crashing this year. However, you can rest assured that the data and experts indicate that prices are not on a downward trend and will conclude the year on a strong note. So, read further to make your decision based on these facts.

Despite the speculations that the prices of homes would drop by 5, 10 or even 20 percent this year, it hasn’t happened yet. The primary reason behind this is the insufficient supply of homes available for sale. There is a higher number of buyers in the market seeking to purchase a house, but the limited supply has resulted in fairly stable pricing.

To prove that this year’s home prices weren’t a bust, let’s take a look at the latest 2023 forecast from multiple experts..

Most Experts Project Home Prices Will Net Positive This Year

The general consensus from industry experts is that home price appreciation will actually be positive for 2023. The graph below shows the latest 2023 year-end forecasts from six different organizations:

As you can see, all but one project nationally prices will net positive this year. That’s significant because it shows the majority are optimistic about home price growth.

If you’re still worried about the one red bar indicating an overall drop in home prices for the year, remember this: The National Association of Realtors (NAR) projects only a slight decline, not the big crash that many headlines called for. Additionally, if you average all six forecasts together, the expectation is that prices will increase by around 3.3% for the year.

Consider the following six organizations, which should be enough to convince you that home prices are expected to remain stable. One of these six forecasts is the Home Price Expectation Survey (HPES) from Pulsenomics. It is a combination of survey results from more than 100 economists, investment strategists, and housing market analysts. According to HPES, the average prediction of all 100 experts is a 3.3% growth in home prices for the year.

If you look back at the graph above, you’ll notice the blue average for the forecasts in this graph is also 3.3%. While individual forecasts may vary, both the HPES survey and the average of these forecasts provide the same projection. And 3.3% appreciation is a completely different story than prices falling.

Bottom Line

If you’re worried about home prices falling this year, let the experts reassure you. Based on the average of the latest forecasts, home prices will actually show positive growth this year. If you have questions about what’s happening with home prices in your area, connect with me and lets talk about whats going on!  386-315-4744.