Illustration: Brendan Lynch/Axios
A real estate market crash isn’t likely in 2023. Here’s what Brett Rosenthal of Compass’ Revolve Philly Group says to expect instead.
1. It’ll be slow to start.
- Rosenthal predicts 2023 will be slower than the last few years, but activity will pick up later in the year.
2. Demand will pick up from regular folks — and investors.
- “Higher interest rates took some buyers out of the market, however I am already seeing many come back,” he says.
- Investors will be active in Philly in 2023, too. Philly, Rosenthal says, has a lower cost of entry than other markets, which makes it ripe for investors.
3. Prices will hardly change.
- Because supply is still so low, prices will only come down slightly. “I expect that to continue until the spring,” Rosenthal says.
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