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The outlook for residential real estate in 2023

Published on January 3, 2023 at 4:13 pm

In the world of Northeast Florida residential real estate, 2022 began with houses staying on the market for days rather than weeks or months.

Then in the summer, interest rates spiked and inflation slowed a still tight market.

Predictions for 2023 show the region’s real estate market stabilizing, said Mark Rosener, president of the Northeast Florida Association of Realtors. He expects interest rates, now about 6.5%, to settle in the mid-5% range by mid-2023. The median price should fall an additional 7% to about $350,000, he said, improving affordability.

Read the rest of this story at the Jacksonville Daily Record, a Jacksonville Today news partner.