As we head into 2023, the real estate market is poised for some interesting changes. From the impact of the pandemic to shifting demographics, here are some national real estate trends to keep an eye on:
- The return of urban living: After a year and a half of remote work and lockdowns, many people are craving the energy and convenience of city living once again. This is expected to drive demand for urban condos and apartments, especially in walkable neighborhoods.
- The rise of the suburbs: At the same time, some people who experienced the downsides of urban living during the pandemic may be looking to move to the suburbs for more space and privacy. This could lead to increased competition and rising home prices in suburban areas.
- Inventory shortages continue: The housing market has been plagued by a lack of inventory for several years, and this trend is expected to continue in 2023. This could make it challenging for buyers to find the right home and could lead to more bidding wars and higher prices.
- The rise of iBuying: iBuying, which involves selling your home to a company that makes an instant offer and buys the home directly, is gaining popularity. While it may not be the right choice for everyone, it offers a convenient and fast option for sellers who need to move quickly.
- The impact of climate change: As climate change continues to be a pressing issue, homebuyers are becoming more aware of the potential risks and costs associated with living in areas that are prone to natural disasters. This could lead to a shift in demand towards areas that are less vulnerable to climate-related events.
Overall, 2023 is shaping up to be an interesting year for the real estate market. Whether you're a buyer or seller, it's important to stay informed about these trends and how they could impact your own real estate decisions.