Zillow’s outlook for the Spring 2023 housing market is optimistic – especially for sellers.
There are very few homes for sale as we enter the Spring 2023 housing market, which could make for a competitive home buying market for buyers.
In the Baltimore real estate market, for example, the Baltimore Home Demand Index February 2023 rose 15 points (22.2%) from January 2023. Though still considered “slow,” there were indications that the market is picking up. Condos above $375,000, for example jumped up tremendously – a jump of 1/3 from last month.
The lack of inventory is creating a situation where a well-priced home in a particular area may receive multiple offers, leaving buyers competing for homes again.
Though Zillow and others who forecast the housing market don’t expect a craze like the past few years, they do expect a need for home buyers to be prepared for some competition.
Zillow and others expect mortgage interest rates to determine where the market heads this year. Lower interest rates may create more of a seller’s market, while higher interest rates may slow things down some, as affordability for home buyers may become more of a factor. Zillow shows in their report that they believe that rates below 6% will make for a hotter market, 6% or above is the threshold for a potential slow down.
If you would like more information on the Timonium housing market, Towson housing market, or Greater Baltimore real estate market, please contact me. I would be honored to help you navigate through these changing times!
Leave A Comment