Saturday, February 4, 2023

Which US Cities Will Increase Home Prices the Most in 2023, According to Realtor.com

as mortgage rates and home prices rise, real estate agents start preparing For which he has classified as a tough 2023.

According to the realtor’s housing forecast for the coming year, the number of homes sold will decline by 14.1% to 4.53 million units, representing l.Lowest number of real estate transactions since 2012when the United States was still grappling with the housing crash and the Great Recession.

The pandemic caused a surge in real estate sales, driven by a mix of record-breaking mortgage rates. However, since the beginning of 2020, lHouse prices have increased by almost 40% And mortgage rates have more than doubled.

With this scenario, many potential buyers were shut out of the market.

Now, through 2023, Realtor estimates median sales prices in the nation’s top 100 markets Average growth of 5.4%,

Although Realtor.com predicts higher home prices next year, the climb represents a slower pace than the previous two years.

Realtor.com predicts that higher prices will be more noticeable in some cities than others. The metropolitan areas that are likely to see the most growth are:

1.- Worcester, Massachusetts
Price increase for 2023: 10.6%

2.- Portland, Maine
Price increase for 2023: 10.3%

3.- Grand Rapids, Michigan
Price increase for 2023: 10%

4.- Providence, Rhode Island
Price increase for 2023: 9.8%

5.- Spokane, Washington
Price increase for 2023: 9.6%

6.- Springfield, Massachusetts
Price increase for 2023: 8.9%

7.- Boise, Idaho
Price increase for 2023: 8.7%

8.- Chattanooga, Tennessee
Price increase for 2023: 8.2%

9.- Indianapolis, Indiana
Price increase for 2023: 7.8%

10.- Milwaukee, Wisconsin
Price increase for 2023: 7.7%

The rising cost of home ownership has discouraged many prospective buyers, who they chose to continue renting,

In a recent LendingTree survey, nearly half of respondents said they are postponing important decisions, whether it’s whether to rent for the long term or kicking off major home renovations,

Because of this it is expected Home sales further decline in California and Florida, The biggest decline in sales will be in these cities:

1.- Ventura, California
Decrease in sales: -29.1%

2.- San Jose, California
Decrease in sales: -28.8%

3.- Bradenton, Florida
Decrease in sales: -28.7%

4.- San Diego, California
Decrease in sales: -27.3%

5.- Bay of Palma, Florida
Decrease in sales: -18.3%

6.- Los Angeles, California
Decrease in sales: -15.8%

7.- Tampa, Florida
Decrease in sales: -15.6%

8.- Tucson, Arizona
Decrease in sales: -14.7%

9.- Fresno, California
Decrease in sales: -13.7%

10.- San Francisco, California
Decrease in sales: -13.3%

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