RALEIGH – Where will home prices go in 2023?  Many experts project that real estate markets across the United States will see a decrease in typical sale prices for houses.  But for those living in the Triangle and across North Carolina, there’s a bit of a silver lining, as an expert predicts that east coast markets are more resilient in the face of price depreciation than elsewhere in the country.

According to a November report, compiled by Fixr.com, many real estate markets are expected to tilt back toward buyers in 2023.

Robert Dietz, a senior vice president and chief economist at the National Association of Homebuilders, is cited in the report as having a forecast for price declines through the end of 2023 with prices dropping by 10% or more from peak pricing earlier this year.

But Garrett Derderian, the director of market intelligence at Serhant, told the report’s authors that the mountain west region and west coast region are the “most likely” to depreciate with expectations of 10-20% drop from peak pricing.  Still, Derderian noted that “most East Coast markets are likely to see minimal depreciation of no more than 5%.”

Instead of looking for new or existing homes to buy, would-be homebuyers who already own property may instead elect to complete home repairs or renovations to make their existing space more modern, the report predicts.

That’s a trend that Dietz said would continue, particularly for residential homes, for as long as there is a “housing downturn.”

Raleigh real estate market tipping back toward buyers by fall 2023, analysis finds

What’s happening in Raleigh

An analysis from Knock forecast that Raleigh’s housing market would tip back to a buyers market in the fall of 2023.  But for those who are looking to navigate the real estate market this winter, you may be in luck.  That’s because data from ATTOM Data Solutions shows that the best time of year to buy a home in North Carolina is in the winter months.

And, because home prices have dropped in recent weeks and months and houses are now selling, on average, below their asking price.  For those who are in the process of selling a home, WRAL TechWire has previously reported how to sell a home in Raleigh without dropping the price.

Housing and you: How to navigate the Triangle real estate market this winter