Will Home Prices Bottom Out in 2023: Home Price Trends in 2023-2024

What will home prices do in 2023? Real estate values hit a peak in 2022 but have declined nationally since June. Home prices are forecast to decline in most parts of the country for single family homes. Estimates are from a 5% increase to a 20% decrease in 2023.

One of the economists predicted that home values would stabilize in 2023 and take off again in 2024, going back to a more normal housing market. Currently a low number of homes for sale is keeping home prices from falling due to rising interest rates driven by the federal reserve trying to tame inflation.

Certainly commercial and industrial real estate is slowing down, with numerous office buildings in major cities having massive amounts of vacancies. California cities like San Francisco have been the hardest hit.

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Todd Miller

Oana Miller

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