2022 was wild ride but trends are normalizing and the outlook is positive for both buyers and sellers in 2023.
The year-long trend of low inventory and high demand continued in December. The active listings dipped down to a seven-month low with just 60 houses on the market while the median days on market dropped to six days.
The 30-year interest rates continued to float just above 6% in December. The National Association of Realtors Senior Economist Nadia Evangelou said that rates are expected to stabilize below 6% in 2023, which is positive news for potential buyers after a year of steadily rising rates.
Decreasing inflation and interest rates are indicators that the Federal Reserve’s aggressive rate hikes in 2022 are having the desired effect. Look for 2023 to usher in a more stabilized and balanced market than unprecedented shifts of the past two years. Buyers and Sellers: For the most current information and to better realize the opportunities in our market, reach out to the experts at Friedrich Iowa Realty today.
We look forward to serving you!