Veros Real Estate Solutions’ (Veros®) Q1 2023 VeroFORECAST anticipates a flat overall housing market for the next 12 months, showing a slight improvement from the previous quarter’s 0.5% annual depreciation forecast.
Chief Economist Eric Fox notes a shift from declining annual forecasts to a flat forecast, attributing it to low supply as buyers resist moving from their current low mortgage interest rates. The market is divided between those expected to perform well (North Carolina, Nebraska, Kansas, upstate New York, Florida, and Indiana) and weaker markets in former top-performing areas (Texas, California, Washington, Utah, Nevada, Idaho, and Illinois).
The top-performing markets are forecasted to appreciate at 4% to 5%, including Fayetteville, Lincoln, Rochester, and Cincinnati, while the least-performing markets may depreciate at mid-single digit levels, ranging from roughly -4% to -6%. The report, based on data from 306 Metropolitan Statistical Areas, offers insights into market trends and projections for the next 12 months.
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