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Will Home Prices Drop In 2023

Are you wondering what is happening in the current real estate market? Steve Prescott, Broker/Owner at RE/MAX Capitol Properties, shared in his recent YouTube video stat comparisons for 2021 versus 2022 and gave his opinion for the question he keeps being asked, will home prices drop in 2023?

  1. How Many Homes Sold in 2022 vs. 2021?
    • In 2021 there were 2,271 homes sold in Laramie County versus 1,819 in 2022. That is a 20% decrease. He attributes the decrease to the mid-year jump in the interest rates for buyers and a recession, meaning fewer buyers.
  2. Have home prices dropped in Cheyenne?
    • At this time, property values have increased through the end of 2022. The average home price in 2021 was $364,000, and we ended 2022 with an average home price of $406,000, an 11% increase. We expect to see home values return to around what they were in the year 2021, which is very important to consider when pricing your home.
  3. How long are homes on the market for sale recently?
    • We are seeing homes stay on the market for a more extended period. Especially since August 2022, homes have been on the market longer; it’s not surprising to see homes that were listed during that time on the market for 90-120 days at this point. Surprisingly, the average number of days of the need for 2021 vs. 2022 barely changed, from 20 days to 22 days.
  4. Will home prices drop in 2023?
    • Although homes commonly stay on the market longer, our data indicate that property values are not dropping. The new data coming out as we enter the beginning of 2023 may represent a slowdown within the market and, therefore, a slight decrease in property values. The good news is that property values have increased dramatically over the last three years.

If you are looking for guidance as a buyer or seller of real estate, RE/MAX Capitol Properties is here for you. Reach out to us by calling 307-635-0303 or visiting our website to search all homes for sale, find weekly open houses, contact an agent, learn about our community, and read our blog.

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