Are you considering a big move? If you are, you might be a little worried about the idea that home prices could drop this year. But here's some good news – according to the experts and the data, there's no need to be too concerned. Prices aren't plummeting; in fact, they're expected to end the year on a positive note.

You might've heard some chatter about prices taking a nosedive this year, maybe by 5%, 10%, or even 20%. But guess what? It hasn't happened. The main culprit behind this is the shortage of homes up for grabs. With so many eager buyers and not enough homes on the market, prices have managed to stay steady.

To confirm that this year wasn't a disappointment for home prices, let's check out what the experts are saying in their 2023 forecasts.

Most Experts Project Home Prices Will Net Positive this Year

Here's the scoop from experts in the industry: They're pretty much all in agreement that home prices are expected to rise positively in 2023. Take a peek at the chart below, which displays the year-end forecasts for 2023 from six different organizations.

Check this out: Almost all the forecasts, except for one, predict that home prices will increase nationwide this year. This is a big deal because it means the majority of experts are feeling pretty positive about the future of home prices.

Now, if that one red bar signaling a slight price dip still has you concerned, don't fret too much. The National Association of Realtors (NAR) is the source behind that prediction, and it's just a small decline, not the dramatic crash that made headlines. And here's the silver lining: when you average out all six forecasts, the consensus is that prices are likely to see around a 3.3% positive growth for the year.

And if these six organizations haven't quite swayed your thinking that prices won't take a nosedive, here's another nugget to ponder. Among the six forecasts shown in the graph, there's one called the Home Price Expectation Survey (HPES) by Pulsenomics. It's a comprehensive survey that brings together insights from more than 100 economists, investment pros, and housing market analysts. What's fascinating is that the HPES revealed that the collective wisdom of all these experts points to an average of 3.3% price growth for the year.

Now, take a moment to glance at the chart up there, and you'll see that the average of all those forecasts is a solid 3.3%. Sure, individual predictions might have their differences, but both the HPES survey and this forecast average are singing the same tune. A 3.3% increase is a far cry from prices going south.

Bottom Line

If you've got those home price worries, don't sweat it. The experts are on your side. According to the average of the most recent forecasts, home prices are set to grow positively this year. And if you're curious about what's cooking with home prices in your neck of the woods, don't hesitate to reach out and chat with us. We've got the scoop!