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Will There Be A Housing Crash In 2023?

By
Real Estate Agent with RE/MAX Shoreline New Hampshire & Maine

In the past year, uncertainty and speculation have surrounded the real estate market. Many housing experts predicted a home price crash in 2023, leaving people unsure about the housing market’s stability.

However, recent data from Fannie Mae tells a different story. Contrary to the forecasts, there has been a slow but steady improvement in confidence in home prices this year. As we entered 2023, the alarming predictions significantly impacted Americans’ perceptions of the housing market. According to the historical survey conducted by Fannie Mae last December, a higher percentage of Americans believed that home prices would decline in the next 12 months compared to any other December on record. This uncertainty led to hesitancy among buyers and sellers, causing a temporary slowdown in real estate activity.

Fannie Mae chart for Portsmouth NH real estate

Fortunately, the fears of a housing market crash have proven unfounded. Despite a slight price dip during the second half of last year, the national market quickly rebounded, and home values are again on the rise. It’s important not to be misled by the headlines about home prices. The truth is that the housing market is more robust than many people realize.

Portsmouth NH real estate average sales price

If you are considering buying or selling a home in the Portsmouth, NH, area, staying informed about the local market conditions is crucial. This is where the expertise of Ann Cummings and Jim Lee at RE/MAX Shoreline can be invaluable. With their in-depth knowledge of the Portsmouth real estate market, they can provide accurate information about what is happening in our local area. Don’t let the uncertainty in the broader market deter you from pursuing your real estate goals. By working with Ann and Jim, you can understand the current market conditions in Portsmouth, NH, The New Hampshire Seacoast, and southern Maine. They can help you navigate the complexities of buying or selling a home, providing you with guidance every step of the way.

At RE/MAX Shoreline, Ann Cummings and Jim Lee are committed to delivering exceptional service and achieving the best possible outcomes for their clients. Their extensive experience and expertise in the Portsmouth, NH, real estate market make them the go-to professionals for all your real estate needs.

Contact Ann and Jim today if you’re curious about home prices in our local market. They are happy to connect with you and discuss the current trends and opportunities in the Portsmouth, NH, real estate market. Don’t let the headlines mislead you – the housing market is stronger than you think. Contact Ann Cummings and Jim Lee at RE/MAX Shoreline and gain the insights you need to make informed decisions.

Posted by

Jim Lee , REALTOR®, Certified Residential Specialist (CRS)

http://JimLee.com  RE/MAX Shoreline

100 Market St., Suite #200, , Portsmouth, NH 03801 Phone: (603) 431-1111 x3801

Visit New Hampshire Maine Real Estate.com to search homes, get Seacoast area information, and find out how great living on the New Hampshire and southern Maine Seacoast really is.

 

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Sham Reddy CRS
Howard Hanna RE Services, Dayton, OH - Dayton, OH
CRS

Thanks for sharing Jim!!! Great take on the housing market!!!

 Contrary to the forecasts, there has been a slow but steady improvement in confidence in home prices this year. As we entered 2023, the alarming predictions significantly impacted Americans’ perceptions of the housing market. According to the historical survey conducted by Fannie Mae last December, a higher percentage of Americans believed that home prices would decline in the next 12 months compared to any other December on record.

Jun 29, 2023 05:40 AM
Jim Lee, REALTOR, CRS

Thanks Sham, I think the housing market is on pretty firm ground for now and the foreseeable future. Just don't always reply on the 'experts'. 

Jun 29, 2023 06:59 AM
George Souto
George Souto NMLS #65149 - Middletown, CT
Your Connecticut Mortgage Expert

Jim Lee, REALTOR no sign of a housing crash around here.  In fact home prices are still going up in CT.

Jun 29, 2023 06:49 AM
Jim Lee, REALTOR, CRS

More evidence that experts are not always right George. Thanks for the comment and the local insight. 

Jun 29, 2023 06:57 AM