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You are here: Home / Blog / What’s Ahead for Home Prices in 2023

What’s Ahead for Home Prices in 2023

March 20, 2023 by John Sibley

What’s Ahead for Home Prices in 2023 Simplifying The Market

Over the past year, home prices have been a widely debated topic. Some have said we’ll see a massive drop in prices and that this could be a repeat of 2008 – which hasn’t happened. Others have forecasted a real estate market that could see slight appreciation or depreciation depending on the area of the country. And as we get closer to the spring real estate market, experts are continuing to forecast what they believe will happen with home prices this year and beyond.

Selma Hepp, Chief Economist at CoreLogic, says:

“While 2023 kicked off on a more optimistic note for the U.S. housing market, recent mortgage rate volatility highlights how much uncertainty remains. Nevertheless, the continued shortage of for-sale homes is likely to keep price declines modest, which are projected to top out at 3% peak to trough.”

Additionally, every quarter, Pulsenomics surveys a panel of over 100 economists, investment strategists, and housing market analysts regarding their five-year expectations for future home prices in the United States. Here’s what they said most recently:

So, given this information and what experts are saying about home prices, the question you might be asking is: should I buy a home this spring? Here are three reasons you should consider making a move:

  1. Buying a home helps you escape the cycle of rising rents. Over the past several decades, the median price of rent has risen consistently. The bottom line is, rent is going up.
  2. Homeownership is a hedge against inflation. A key advantage of homeownership is that it’s one of the best hedges against inflation. When you buy a home with a fixed-rate mortgage, you secure your housing payment, so it won’t go up like it would if you rent.
  3. Homeownership is a powerful wealth-building tool. The average net worth of a homeowner is $255,000 compared to $6,300 for a renter.

Experts are projecting slight price depreciation in the housing market this year, followed by steady appreciation. Given that, you may be wondering if you should move ahead with buying a home this spring. The decision to purchase a home is best made when you do it knowing all the facts and have an expert on your side.

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Filed Under: Blog, First Time Home Buyers, For Buyers, Housing Market Updates, Move-Up Buyers, Rent vs. Buy

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WHAT OTHERS ARE SAYING

John Sibley came highly recommended by a neighbor and he sold our house not only once but twice! A pipe burst upstairs and flooded the house and the first sale was cancelled. We were out of town and John and his staff handled everything from informing us of the problem to working with the adjusters giving them access to the house. When we got back in town just three days later, the damage was already cleaned up and we were ready to begin the repairs!

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Marilyn, Slidell, LA
 

We were very happy with the service provided. As first time home buyers, we were initially anxious, however, John and the rest of the group helped us understand the home buying process and what to expect. They made sure we were well prepared by the closing and that our interests were top priority.

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Jimmy, New Orleans, LA
 

John was great to work with. He provided good sound advice relative to marketing our home. He kept me informed through every step of the process from the initial listing to the closing. It was a great experience and I recommend the Sibley Group to anyone interested in purchasing or selling real estate property.

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Richard, Madisonville, LA
 

John Sibley and Lana Sibley Leonard were very instrumental in marketing my home both personably and professionally. Their drive and incentive made it possible for my home to sell in a quick, timely manner.

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Christina, Slidell, LA
 

Everyone throughout the process was extremely helpful. Dianna spent a lot of time, including late hours helping us find the right house.

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Chris, Slidell, LA
 

John & company were always negotiating on my behalf and won the battle such as letting me have an Estate Sale w/o charging me rent for one week and then the new owner moved in. The Sibley Realty Group was always professional in every way.

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Anonymous, Slidell, LA
 

Sibley's group is the best we've used.

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Cathy & Will, Slidell, LA
 

John and the Sibley Realty Group had a great command of the market prices and an excellent marketing strategy to get new groups of people to look at our property. By using new technology to market to different buyers and target new groups of potential buyers the Sibley Realty Group met our goal of selling within 3 months. The entire office helped make the transition smooth and Lauren is very helpful making sure everyone is on the same page as you go through the closing process. It is good t(...)

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Kevin, New Orleans, LA
 

Sibley Group delivered as promised.

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Stan, New Orleans, LA
 

We are extremely grateful to have found Sibley Realty group. Initially I had called other realtors who were not so responsive since we did not live in the area. Jordan contacted me back right away and made us feel at ease with our first home purchase. We lived 7 hours away from where we were buying and Jordan was very accomendating to our schedule of only being able to make it down on the weekends. The whole office are a bunch of true professionals that we owe more gratitiude to then we can(...)

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Troy, Slidell, LA
 

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About Us

The Sibley Group has a team of Realtors to meet all of your real estate needs throughout the New Orleans Metropolitan area. We have agents that specialize on the Northshore and Southshore, including New Orleans, Slidell, Metairie, Covington, Mandeville, Pearl River, and Lacombe.


Trust a real estate team with a long-standing tradition of service, expertise, and professionalism in the local area.


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The Sibley Group
Keller Williams Realty 455-0100

3197 Richland Ave, Metairie, LA 70002

Northshore: 985.326.9755
Southshore: 504.571.9755
Broker: 504.455.0100

From Our Blog

The Main Reason Mortgage Rates Are So High

Today’s mortgage rates are top-of-mind for many homebuyers right now. As a result, if you’re … [Read More]

Real Estate Is Still Considered the Best Long-Term Investment

With all the headlines circulating about home prices and rising mortgage rates, you may wonder if it … [Read More]

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