Realtor.com makes predictions for US, Charlotte housing markets in 2023
Momentum in the housing market has waned in the latter half of 2022, with rising interest rates and high inflation taking a toll. So what’s in store for 2023?
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Realtor.com released its annual forecast Wednesday morning, predicting that U.S. homebuyers will continue to grapple with affordability challenges next year but will face less competition as more properties come on the market.
“The Charlotte metropolitan area is headed into 2023 with a solid economic foundation, which is expected to continue supporting its real estate market,” said George Ratiu, senior economist and manager of economic research at Realtor.com, in an email. “The metro has seen a growing employment base this year, with a well-diversified economy. A rising number of jobs in trade and transportation, professional and business services, government, leisure and hospitality, as well as finance has pushed the unemployment rate to 3.1% in September, well below the national average.”
In the Charlotte market, Realtor.com anticipates a slight annual decline of 0.3% in home sales next year. Local home prices are forecast to increase 5.5% over the year.
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“For 2023 buyers in Charlotte, there will be more available options and a stronger negotiating position. However, still-elevated prices and mortgage rates will keep affordability a front-of-mind challenge,” Ratiu said.
Keep reading here to see how Charlotte’s outlook stacks up to other areas.
