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What you need to know about residential real estate in 2023

On Behalf of | Jan 18, 2023 | Real Estate Law

Whether you hope to sell, purchase or sell and purchase residential real estate this year, it is important to stay on top of market trends and shifts that will influence transactions over the next 12 months. When it comes to residential real estate, knowledge is power. By keeping abreast of the headlines related to shifts in the market, you’ll be able to make informed decisions about your selling and/or purchasing power. 

Before setting Google alerts for key residential real estate market terms, you’ll want to make sure that you understand where the market stands right now. Generally speaking, the U.S. residential real estate market is attempting to stabilize after nearly three years of dramatic peaks and valleys caused by economic uncertainty, supply chain issues, and priority shifts among individuals and businesses alike. However, certain markets are stabilizing faster than others. Therefore, you’ll want to remain informed about the market.

Predictions for the 2023 real estate market

While predictions should be digested with a grain of salt – after all, few saw the reality of early 2020 coming and anything that could happen this year – understanding the conditions that professionals are anticipating can help you know what trends to watch.

Generally speaking, professionals anticipate that there will be more homes for sale this year than there have been on the market lately, but as their pricing is likely to remain inflated, buyers may remain unmotivated to purchase much until the market swings in their favor. 

Additionally, the supply and demand challenges that have plagued the market for some time now will continue, both in terms of supply chain issues and the need to house more people more broadly. Expect to see a lot of multi-family residential dwellings developed across the country this year in an attempt to temporarily address this need.