What Will Happen to Home Prices Next Year?
Experts are calling for home prices to appreciate in 2023 but at a slower rate.
Historically, home prices have appreciated at a 4% rate.
But For next year it’s expected to appreciate by 2.5%. And the reason is simple: supply and demand.
Two things are driving home prices upward:
First, the undersupply of homes on the market that’s why we are still in a sellers’ market nationally, and in that scenario, home prices tend to appreciate.
Second, millennials are moving through their peak homebuying years. Since they’re the largest demographic behind the baby boomers, demand isn’t going away any time soon.
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