Housing Market Trends in 2023

What to expect this year as a homebuyer or seller

“Buying and selling homes in Montgomery County has been an adventure recently,” says Jim Fredricks, a Realtor and consultant in communications and government affairs.

For the first part of 2022, the market was up compared to 2021, with surges in home sales after the Covid lockdowns fueled by low home mortgage interest rates. A change occurred this summer as 30-year rates began rising, doubling to nearly 7 % by year’s end.

The impact on the market brought a small drop of about 7% in home sales for 2022 compared with 2021.

However, December monthly sales were down 25.3% compared with December 2021. "The data from December and the latter part of 2022 could indicate what we might experience this year,"  Fredericks explains. “But Montgomery County has many pluses that draw buyers to our area.” 

The high demand for our schools, an affordable housing market, continued interest in communities and developments, and employment growth are positive dynamics for 2023 and 2024. “Even in a recession where interest rates don’t come down, there will still be a base demand in our region,” says Fredericks.

Still, some first-time homebuyers could be temporarily priced out of the market. “Sit down with a local lender to estimate how much home you can afford and any qualification issues you may face,” Fredricks advises. “You might discover that renting short term and watching interest rates is a good strategy.”

Median home prices should slowly continue to rise, with a small chance they might flatten, but no steep drops. Still, a seller’s new reality is that a home may take a little longer to sell and at a lower price. Ensure your home is beautiful, spotless, staged, and move-in ready. Also, get with a real estate professional to accurately price your home.

Contact james@fredricksgroup.com to learn more.

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We are growing! Conroe has earned the 19th spot on the Top 25 U-Haul U.S. Growth Cities, announced by the Conroe Economic Development Council in January 2023.

Tip: Visit Texas REALTORS® to see market research for buyers, sellers, and renters at texasrealestate.com/market-research/.

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