The Latest Expert Forecasts for Home Prices in 2023

Considering a change of address? If that's the case, you might be nervously eyeing the persistent rumors that the housing market could tumble this year. But it's important to lean on concrete data and professional insight for peace of mind. The good news is that the market is not in freefall; instead, it's expected to end the year on a high note.

Dismiss the chatter suggesting a 5, 10, or even 20% decrease in home prices this year. Reality tells a different story—thanks largely to the simple economic principle of supply and demand. With a shortage of listings and a surplus of eager buyers, home values have resisted the anticipated drop.

Looking for evidence that this year isn’t spelling doom for property values? Let's turn our attention to the latest 2023 predictions from numerous authorities in the field.

Industry Consensus Indicates a Positive Trend for Home Prices in 2023

A common thread among housing market professionals points to an upward trajectory for home values this year. Consider the graph beneath, summarizing year-end predictions from six reputable sources:

The data reveals a reassuring trend: almost all the organizations foresee national home prices closing the year in the green. This general optimism contradicts the more pessimistic headlines, signaling healthy growth.

If the solitary negative forecast—a modest downturn suggested by the National Association of Realtors (NAR)—is causing you concern, keep the bigger picture in mind. This forecast doesn’t herald the steep plunge many have sensationalized. When you average the six projections, they collectively anticipate a 3.3% gain in home prices for the year.

If six expert opinions don't quite ease your doubts, consider the comprehensive Home Price Expectation Survey (HPES) from Pulsenomics, which amalgamates perspectives from over a hundred economists, investment strategists, and real estate analysts. Their consensus? A 3.3% increase in home prices for the year ahead.

Returning to the aforementioned graph, you'll note that this figure is in line with the overall blue average—a clear indication of consensus. This unified forecast from HPES and the aggregate of individual projections dismiss the notion of a price drop, instead suggesting steady growth.

So if you're apprehensive about potential dips in the housing market this year, let expert forecasts guide you towards a more optimistic outlook. The collective projections point towards an upswing in home prices. Should you need more tailored insights about the local housing landscape, I'm here to provide clarity.

And if you're curious about the current value of your own home, just click here to get a free home valuation. This no-obligation service can give you a clearer picture of where you stand in the current market.