Where are Home Prices Headed in 2023?

Wondering where home prices are headed next year?

Some of the real estate industry’s foremost forecasters have weighed in, and the general consensus is that prices will go up in the new year but at a slower-than-usual pace.

Nationally, home prices tend to appreciate at about 4% per year. But the average of six recent forecasts has prices rising 2.5% in 2023. Have a look at these forecasts:

Tri-Cities home prices have appreciated faster than the national average over the past few years:

• 2021: 17% appreciation
• 2020: 11% appreciation
• 2019: 9% appreciation

As it stands now, Tri-Cities home prices have been pretty static for most of 2022. It’ll be interesting to see if our local numbers finally fall in line with the rest of the country.