We have wrapped up 2022 and we are ushering in 2023. We know many of you like to provide annual updates to your sphere around this time of year, so over the next several weeks we will be providing great market information for you to share with your clients and that starts today with our ready to post quick summary of 2022. Be sure to download it today. Additionally, based on the 2022 results, here is what we are expecting for 2023 in our market. Total transactions will be down 7% because of a slower start than normal as the public adjusts to 6.5% rates as the new normal. That means we will see about 10,000 transactions or 20,000 sides in our market, levels we haven’t seen since 2011 & 2012. The continued lack of inventory will hold values close to 2022 with a 1-2% increase. When you combine those two, the result is a 5-6% drop in total sales volume. That would still result in a larger market in terms of volume than 2020, which we know most of you thought was a pretty good year.
Download: 2022 Real Estate Market Summary
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David Veldkamp
Owner | RE/MAX GR
Mobile: 616.460.6123
Office: 616.957.0700