Trends and opportunities in the 2023 real estate market.
As autumn leaves begin to fall, it’s time to take a closer look at what the 2023 housing market has in store. You may have heard whispers of high interest rates, and indeed, rates are higher than in recent years. However, even with the higher rates, we still have strong buyer demand.
Three decades ago, during the early 1990s, a baby boom occurred. Fast forward to today, and those very babies are trying to buy their first homes. Yet, they face a challenge – a shortage of available homes for sale. For reasons varying from personal to financial, many homeowners are not selling right now. Consequently, for nearly three years, we’ve been in a strong seller’s market.
In Fairfield County, the average housing inventory stands at two months. In certain towns like Norwalk, it’s even lower, with only a one-month supply. As a frame of reference, a balanced market typically features a six-month inventory supply. What’s the outcome of this? Home prices continue to rise. In 2023 alone, Fairfield County has seen an average price increase of 7%.
Amidst the chatter of a market crash and missed opportunities, it’s crucial to rely on data, not rumors. The truth is, this is a strong seller’s market. If you’ve had any thoughts of selling in 2024, this is a good time to get prepared.
Even if you’re not planning to sell immediately, understanding your home’s current value is beneficial. I’d be delighted to assist you with a quick home tour for an accurate valuation. While I’m there, we can also discuss the selling process, what to expect, and how to get your home market-ready. By taking these steps this fall, you’ll be well-prepared when you decide to list your home in 2024.
If you’re ready to make a plan or simply curious about your home’s value, don’t hesitate to reach out by phone or email. I’m here to guide you through your real estate journey.
