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  • Writer's pictureAdrianna Lonick

What is it like to buy or sell a house this year?

As we enter the new year, the real estate market continues to experience a strong and steady pace. The January 2023 housing market is showing no signs of slowing down, with an increase in demand and prices across the United States. Here is a closer look at the current state of the real estate market for January 2023.

Demand for Housing

One of the biggest drivers of the current real estate market is the high demand for housing. As the economy continues to improve, and job opportunities increase, more people are looking to buy homes. Low interest rates are also making it easier for potential buyers to secure a mortgage and purchase a home. This has created a highly competitive market, with bidding wars and multiple offers on properties becoming more common.

Home Prices

With high demand and low inventory, home prices continue to rise in many markets. According to the National Association of Realtors, the median home price in the United States reached a record high in December 2022, with a 16.4% year-over-year increase. In some areas, home prices have increased even more, with double-digit percentage increases in many cities across the country.

Inventory Levels

While demand for housing remains high, the supply of available homes is limited. Inventory levels continue to be low in many areas, which has led to increased competition and higher prices. This can be attributed to several factors, including fewer homeowners selling their homes due to economic uncertainty and a shortage of new construction.

Overall, the current real estate market is highly competitive, with high demand and limited supply leading to increased prices and bidding wars. It is a great time for those looking to sell their homes, as prices are at record highs. However, it is also a challenging time for buyers, who may face difficulties finding a home that meets their needs and budget.

As we move through the year, it will be interesting to see how the real estate market evolves and adjusts to changing economic conditions. With job growth, interest rates, and other factors continuing to influence the housing market, it is essential to stay up-to-date on the latest trends and developments to make informed decisions in this fast-paced market.

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