The shift in the real estate market shows that there is an inflection point in supply and demand. Active listings have increased approximately 26% versus last year, while showings have lessened by almost 17%, according to realtor.com and Showing Time. In the previous couple of years, there is more demand than supply, which caused the housing market craze.
Home Price Forecast
Most experts say that home appreciation will continue in 2023, only at a slower pace. There are six forecasters that have predicted that national home prices may increase about 2.5%, while only one forecaster thinks there will be home price depreciation.
Image source: Keeping Current Matters (KCM)
With the information available and experts watching the housing market closely, we can say that there is a real estate market slow down, but not a bubble burst. If you are looking for more insights about the Long Island housing market or your local real estate market, contact Realtor® Kyle Kelly of The Island Wide Team today!
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Personal Email: KKellyNY@gmail.com
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