3 Real Estate Trends For 2023

And just like that, another year has come and gone. As we look back on this past year, one theme has become very apparent: with market uncertainty and rising mortgage rates, our clients have leaned heavily on the Revel team, looking for advice and guidance. While we don’t have a crystal ball, we do have stats, data, and oftentimes, a good gut instinct, to counsel our clients. As we look ahead to 2023, here are three real estate trends we’re anticipating:

Stabilizing Mortgage Rates

As inflation stabilizes, so, too, should mortgage rates. With early signs of inflation easing, forecasters are calling for moderate flattening of mortgage rates; however, where they will land is still up for discussion.  Right now, experts are forecasting between 5.5% – 6.5%.

Equalizing Housing Prices

Flathead County Average Sales Price peaked this June, at $1,022,776. While it has stabilized since then (averaging at $793,999 between June – Nov, a 33% increase from the same period in 2020). We don’t anticipate a steep decline in the new year, instead, prices have been reset at this new, higher level.

Residential Average Home Prices have grown drastically over the past several years.
Quarterly data shown – All data from the Montana Regional MLS

Continued Quality of Life

As we’ve seen over the past few years, safety, security and endless recreation have put Western Montana on the map. For those intent on this lifestyle, mortgage rates and home prices might as well be a moot point. If you have property you’re considering selling, now is the time to begin discussing a sales strategy. Give us a call or shoot us a note and let’s put your 2023 goals into action.

Kyna Williams

Kyna Williams

Kyna Williams has spent her entire career telling stories for world-renowned brands like Nike and Underwood wine-in-a-can. Now, she joins Revel as CMO and COO. On any given day, you can find Kyna negotiating ad buys, brewing a pot of coffee or assisting agents with their listing presentations.
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