What to Expect from the 2023 Spring Real Estate Market

The 2020-2021 pandemic has caused a lot of disruption to the real estate market. However, as we enter into Spring 2023, many of the trends that began during the pandemic are predicted to continue. It is important for buyers and sellers alike to be aware of what’s happening in the market so they can make informed decisions when buying or selling real estate this spring. 

Restricted Inventory 

One trend that is likely to continue is the low inventory of available homes. During the pandemic, many home sellers delayed listing their property until restrictions were lifted and more people felt comfortable with purchasing a home. This created a shortage in available homes in certain areas of the country, which also drove up prices due to increased demand. As we move into Spring 2023, it is expected that inventory will remain low for some time, making it a competitive market for buyers who are looking for a new home. 

Increased Demand for Suburbs and Rural Areas 

The past year has seen an increase in demand for suburban and rural areas as many people began working remotely due to COVID-19 restrictions. With remote work becoming increasingly popular, buyers are looking outside of major metropolitan cities in search of larger homes and outdoor spaces that come at more affordable prices than their urban counterparts. This trend is expected to continue as more employers embrace remote work as part of their long-term plans going forward. 

High Prices Remain 

Due to high demand and limited supply, prices remain high across much of the US real estate market. Although prices may not rise quite as quickly as they did last year due to increased construction rates and mortgage rates remaining low, prices are still expected to be higher than pre-pandemic levels due to increased demand for housing in certain areas.   

As we enter into Spring 2023, it's important for buyers and sellers alike to be aware of what's happening in the real estate market so they can make informed decisions when buying or selling a house this season. Low inventory remains an issue in certain markets while others have shifted towards suburban and rural areas where larger homes with outdoor space can often be found at more affordable prices than downtown locations. Although mortgage rates remain low, price increases will still be higher than pre-pandemic levels due to continued high demand across much of the country this spring season. Being aware of these trends will help you navigate your way through this ever-changing market!