Are the days of 30-person bidding wars over? According to a recent analysis of the 2023 real estate market, some may be in luck. In 2021, the national median home price skyrocketed by 17.6% and then another 10% by the time 2022 came around, causing intense housing wars between buyers and sellers.
The increase in home prices has, of course, made home sellers happy. Who doesn’t want to pocket a few extra bucks? Homebuyers, on the other hand, have been on the struggle bus for quite some time. Millennials living with their parents are at an all-time high, and the housing market is a significant reason that plays part in it. Steep mortgage rates are flowing in, causing a slow-down that reduces profitability for home sellers.
A home loan company called Knock formulated a buyer-seller index to dive deeper into the state of the housing market in 100 of the United States metro areas. They analyzed all markets a year ago and concluded that the most favored were sellers. At the start of 2023, according to the index, 13 markets were in favor of buyers, while 44 were in gabor of sellers. Predictions from Knock insist we’ll continue to see a shift over the course of the next year.
Fayetteville, North Carolina, is reportedly the only market that didn’t favor buyers in 2022, the report states. According to Knock, the best markets for buyers in 2023 are:
- Charlotte-Concord-Gastonia, North Carolina-South Carolina
- Jacksonville, Florida
- Memphis, Tennessee-Mississippi-Arkansas
- Detroit-Warren-Dearborn, Michigan
- Des Moines-West Des Moines, Iowa
- Phoenix-Mesa-Chandler, Arizona
- Colorado Springs, Colorado
- Atlanta-Sandy Springs-Alpharetta, Georgia
- Deltona-Daytona Beach-Ormond Beach, Florida
- Tucson, Arizona
- Denver-Aurora-Lakewood, Colorado
- Killeen-Temple, Texas
- Dallas-Fort Worth-Arlington, Texas
- Las Vegas-Henderson-Paradise, Nevada
- Salt Lake City, Utah
Knock also had a few words of wisdom for buyers, even where markets are favoring them: “Home shoppers will not see significant price declines in a majority of the 100 largest housing markets. Rather, prices will decline, mostly by small amounts, in just 16 large markets over the next 12 months.”
If you’re a buyer or a seller in 2023’s slower but still-hot housing market, check out Knock’s full analysis to help give you a little bit more information. Happy housing hunting or selling!