There have been many rumors and media reports about home prices. And a significant portion of that has a connection to the kind of data utilized by experts. In the last few years, there have been many strange trends on the housing market. So it makes sense that before making a decision to buy or sell, you would want the most recent information. Unfortunately, the vast majority of these headlines are disheartening. But when you focus on specific counties or cities, the narrative changes significantly.

In some markets, there may be a small uptick or downtick in home prices. However, it’s unlikely that they’ll alter your housing plans so drastically. In 2023, the average home in the US cost $761,540. However, the majority of experts focus on the median, which increased by 6.3% annually to $424,495.2.

What you need to understand about this market is that supply and demand dictate how much a home costs. Prices won’t decrease because there is still a strong buyer demand and a lack of available homes. Additionally, they won’t spike.

“Most likely we’ll see a little bit of decline followed by some months of subpar growth…. I don’t anticipate double-digit price declines. I expect prices to mostly move sideways over the next year or so.” — Realtor.com® Chief Economist, Danielle Hale.

What Sellers Should Do

Now, if you’re considering selling, don’t fret. In 2023, the average price of a home will remain higher than in earlier years. So there’s a good chance that you’ll still be successful. However, if you’re holding off on selling because you believe your house will soon double in value, do not rely on it. Instead of relying on what you hope the market will do, you should base your decision on the reality of your situation.

What Buyers Should Do

On the other hand, if you’re looking to buy, the slower rate of price growth is beneficial for you. You’ll purchase at a savings from last year’s cost and before prices gain even more traction. Before entering the housing market, you’ll want to be sure that you are ready to buy a home. If you have the means, take action!

The Bottom Line

Nevertheless, according to experts, the increase and decrease of home prices will depend on where you look. Despite price declines in some areas, experts note that current homeowners are in a much better position. This is due to the fact that many borrowers have positive home equity. As a result, there is little chance of a housing market crash. So before you believe the recent headlines, consider that this is a guarantee that the market will continue to look fairly stable this year.

What To Do:

Did you find this read interesting? Need expert and white-glove advice? Get in touch for local and professional real estate advice in your neighborhood. Fill in the form above to speak with a real estate professional specializing in this topic and more!