The housing market will shift in favor of home buyers by the end of 2023, according to 44% of 107 economists and housing experts polled by real estate company Zillow for its newly published “Home Price Expectations” Survey. And, 12% of these experts believed that shift will happen sooner – that is, this year!
The median price of an existing home in the U.S. dropped to $389, 500 in September, down from $403, 800 the previous month, according to the National Association of Realtors. Most of the housing experts surveyed noted that the markets most likely to see home prices decline over the next year include pandemic boomtowns like Boise, Austin and Raleigh. If you recall, these cities saw a huge jump in sales amid the earliest days of the pandemic.