Philadelphia Region’s Housing Market Primed for Return to Normalcy in 2023
After several years of pandemic-driven frenzy, the Philadelphia region’s housing market is primed for a return to normalcy in 2023, writes Ryan Mulligan for the Philadelphia Business Journal.
Most housing experts agree that the current year will be a slower year for the market than the last one, which still had some residual heat remaining from the red-hot 2020 and 2021.
In the Philadelphia region, Lisa Sturtevant, chief economist for Bright MLS, predicts this year will be about “resetting what normal looks like.” This includes mortgage rates she believes will hover around 6.5 percent at the beginning of the year and slowly lower to about 6 percent by its end.
Low inventory levels will remain as baby boomers start holding onto their homes longer and the millennial population continues looking for their first homes. However, there will most likely be fewer overall buyers compared to the last several years.
Maria Quattrone, founder of Maria Quattrone and Associates of Re/Max at Home, sees Delaware and Montgomery counties as potential hotspots within Greater Philadelphia for the year, as single-family homes are selling “in a minute.”
Overall, prices will most likely not see a major drop in the region.
Read more about the housing market in the Philadelphia Business Journal.
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