After several years of pandemic-induced frenzy, the Philadelphia-area housing market is poised for a return to normal in 2023, writes Ryan Mulligan for the Philadelphia Business Journal.
Most housing experts agree that the current year will be a slower year for the market than the previous one, which still had some residual heat from the 2020s and 2021.
In the Philadelphia area, Bright MLS chief economist Lisa Sturtevant predicts this year will be about “resetting what normal looks like.” That includes mortgage rates, which she predicts will hover around 6.5% at the start of the year and slowly decline to around 6% by the end.
Inventory levels will remain low as baby boomers begin to hold on to their homes longer and millennials continue to search for their first home. However, there will most likely be fewer overall buyers compared to past years.
Maria Quattrone, founder of Maria Quattrone and Associates of Re/Max at Home, sees Delaware and Montgomery counties as potential hotspots in Greater Philadelphia for the year as single-family homes sell out “in a minute.”
Overall, prices are unlikely to experience a significant decline in the region.
Learn more about the housing market in the Philadelphia Business Journal.
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