As we approach the end of 2023, it’s time to look at what has been a truly tumultuous year for the housing market. From record-breaking price hikes in the early months to the current slowdown, 2023 has been a year of extremes.
The first half of 2023 was a period of unprecedented growth in the housing market. Fueled by low-interest rates and a limited supply of available homes, prices skyrocketed nationwide
Bidding wars became the norm, and homes were often selling for significantly above the asking price.
However, the bank crisis started in March, an early sign of a shift. In mid-2023, the market began to show signs of cooling. Interest rates started to rise, and the number of homes for sale began to increase.
This led to a slowdown in price growth, and some areas even saw price declines.
Today, the housing market is in a state of flux. While prices have come down from their peak, they are still well above pre-pandemic levels. The number of homes for sale is increasing, but it is still insufficient to meet demand.
What a crazy year of ups and downs. 2023, you were a roller coaster, but you showed us how much grit we have. Goodbye, adios! Here’s hoping the next year will treat us better and see you all in 2025!
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