How's the Market?
Seasonal Trends & Macro Trends

Seasonal Trends & Macro Trends

Whether the market is going up or down on a macro level, typically you'll find a low in January (or close to it) & a high in June (or close to it) on an annual basis.

Projections vary widely regarding where the market is going. With Redfin's projections of SE VA, only 2 cities are reviewed, Virginia Beach & Richmond. Keep in mind that anything below 50% means that it's more likely that there won't be one vs there being one, and the closer to 50%, the less certain those pulling the data are. (%s from 11/15/22)

Ric Redfin.jpg
VB Redfin.jpg

According to an October 3rd article by Money.com, here are some of the predictions:

1. Mark Zandi

Chief economist at Moody’s Analytics

"National house prices, as measured by repeat sales indices, are on track to fall as much as 10% peak-to-trough, with the bottom likely by the end of next year... All this assumes there will not be a recession. If the economy does suffer a downturn with a meaningful increase in unemployment, the peak-to-trough house price declines will be closer to 15%."

2. Erin Sykes

"Chief economist at real estate brokerage Nest Seekers

"Home prices will decline, but there will be significant variation depending on the market. Some areas of the country could see double-digit price declines."

3. Skylar Olsen

Chief economist at Zillow

"Zillow predicts home values will rise by 1.2% through August 2023."

4. Odeta Kushi

"Deputy chief economist at title company First American

Nationally, annual house price growth will decelerate but remain positive. In other words, nationally, while month-over-month house prices may decline, annual house price declines are not expected."

5. 

Nadia Evangelou

"Senior economist & director of forecasting at the National Association of Realtors

What she expects: Home prices will continue to decelerate in 2023. We expect home price growth to slow to a rate of 5% by the end of 2022. (Compared to prices at the end of 2021)"

National Trends Impact the Local Market Also

​The inflation rate of the US Dollar has a high impact on the short and long-term rate of home appreciation. High rates of inflation boost appreciation, but also tend to push interest rates up, as mentioned in more detail on my interest rates page.