Reviewing the 2022 real estate market and predictions for 2023.

The past two years in real estate were relatively stable compared to the wild ride of 2022. In the early part of the year, multiple offers were still common with winning bids going over 5% of the list price. However, as the year progressed, the market saw a significant shift with interest rates skyrocketing from 3% to a peak of 7%. The summer of 2022 saw a slowdown, and some houses were not even getting any showings.

However, the good news is that rates have come down from their peak and are now near the historical average of 5.99%. While houses may not necessarily be selling after the first weekend of listing, they are still selling within 30 to 45 days, which is a marked improvement from the industry average of 90 days.

“Look forward to a more stable market in 2023.”

What can we expect in 2023? With people still moving to San Antonio, the need for housing remains high. People will continue to sell their homes due to job transfers, family changes, and other life events. This means that there will be inventory available, and the best time to buy or sell will still be when you are ready.

While 2022 was a rollercoaster in the real estate market, things are starting to normalize and we can look forward to a more stable market in 2023. If you’re ready to buy or sell, give us a call or send us an email. We’re here to help.