Delaware County remains a potential hot spot in 2023 for entry-level single-family homes that are “selling in a minute”, as the region returns to a normal housing market, according to Maria Quattrone, founder, and CEO of Maria Quattrone and Associates of RE/MAX at Home.

She’s predicting that higher-priced homes will sit on the market longer this year while homes selling between $200,000 and $400,000 will move more quickly.

Regionally, the housing market is expected to slow to a new normal in 2023, but because of the market’s chaos in recent years, no one is sure what the new normal is, writes Ryan Mulligan for Philadelphia Business Journal.

Housing experts agree 2023 will be a slower year than 2022, but see it has a healthy cool-down for a market running at high speed since the third quarter of 2020. 

Lisa Sturtevant, chief economist for Bright MLS, said 2023 bring a new normal for mortgage rates, which will start at 6.5 percent and come down to about 6 percent by the end of the year.

Buyers will also have to adjust to operating in a low-inventory market.

Sturtevant said the market is “contracting on both sides,” with less buyers and sellers.

Read more about the 22023 housing market at Philadelphia Business Journal.

What they are predicting for the housing market in 2023.