Friday, June 16, 2023

Top Performing Real Estate Markets

 According to Zillow the hottest residential real estate markets in 2023 are expected to be as follows:

  1. Charlotte, NC
  2. Cleveland, OH
  3. Pittsburgh, PA
  4. Dallas, TX
  5. Nashville, TN
  6. Jacksonville, FL
  7. Kansas City, MO
  8. Miami, FL
  9. Atlanta, GA
  10. Philadephia, PA
That's interesting, but several other real estate prognosticators have their own top ten predictions and some of them have completely different cities. Hmm, that's interesting. Well different measurement metric I suppose. Locally Vancouver USA is looking solid for 2023 but not overheated like it was a couple years ago. At the entry level we continue to see sellers dominate but as you move up the price range sellers quickly shed their advantage and buyers enjoy the upper hand but he time you approach the $800,000 mark. It's purely a lack of inventory keeping the housing marketing on its toes. Should sellers suddenly get happy feet the market could succumb to downward price pressure and buyers could grab control of the market at large.

As I have reported time and time again, the Median Home price is not the definitive measure of market valuation changes. It is often an indicator of market movement away from high end transitioning to low end and vice versa. Trends right now are showing entry level home appreciating in the local market, mid range homes are somewhat flat, and high end home in excess of $1,000,000 are seeing downward pricing pressure.

Things look good here in America's Vancouver and if rate can stay stable at around 6-6.5% we should have a nice healthy and fair market for both buyers and sellers.

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