March 2023 Market Update

by Jeremy Harper

The real estate market is constantly changing, and it's important to stay up-to-date with the latest trends and statistics. In this March 2023 market update, we'll dive into some of the most important factors affecting the market right now.

Market Update

According to recent data, the affordability index is down 22%. This means that housing is becoming less affordable for a larger segment of the population. On the other hand, the average closed price is up 8.3%, indicating that demand for housing is still high. However, the number of closed sales is down 16.4%, which may be a reflection of the affordability issues.

Buyers

For buyers, this means that there may be less competition in the market, but they may have to pay more for a home. It's important to work with a knowledgeable real estate agent who can help you navigate the market and find the best deals. Buyers may also want to consider looking outside of urban areas or exploring different types of housing, such as townhomes or condos.

Real Estate News

In other real estate news, there is a growing trend towards sustainable and environmentally-friendly housing options. More and more developers are incorporating green features into their designs, such as solar panels and energy-efficient appliances. This not only benefits the environment but can also save homeowners money on utility bills in the long run.

Additionally, there is a push towards more flexible and adaptable housing options. With more people working remotely, homes that can easily convert a spare bedroom into a home office or have flexible living spaces are becoming more popular.

In summary, the real estate market in March 2023 is showing some signs of strain with decreasing affordability and fewer closed sales. However, there are still opportunities for buyers who are willing to look outside of their comfort zones or explore different types of housing. With the growing trends towards sustainability and flexibility, there are exciting developments on the horizon for the industry.