Real Estate Trends: What’s the 2023 Florida Outlook?

What should consumers, Realtors® and policymakers expect when it comes to Florida real estate over the next year? After the unexpectedly strong years of 2020 and 2021 despite an ongoing pandemic, Florida’s housing sector in 2022 was affected by rapidly rising inflation and higher mortgage interest rates, Florida Realtors® Chief Economist Dr. Brad O’Connor told nearly 500 Realtors during the 2023 Florida Real Estate Trends summit last Thursday.

“Now, we expect the state’s residential real estate market to return to a more typical pace,” he said. “I believe 2023 will look more like the ‘traditional’ housing market years of 2018-2019 in Florida as supply and demand become more balanced.”

One major question currently on the minds of real estate professionals, homebuyers, home sellers and others: Is a price correction on the way? (more…)