Real Deal: Real estate expert predicts 2023 will be another sellers' market in Connecticut

For those hoping to buy a home in 2023, local experts say the 2022 housing market was a sellers' market that turned into a bidding war among buyers. But that could ease this year.

Jan 13, 2023, 11:54 AM

Updated 519 days ago

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Will 2023 be the year to buy a home in Connecticut? News 12 talks to the experts in this week's Real Deal.
According to Caleb Silver, of Investopedia, Connecticut has experienced a slowdown in the housing market along with the rest of the country.
"Like the rest of the country, Connecticut experienced a slowdown. We saw a real decline across the counties that we track, but mortgage rates are expected to stay high," Silver says.
Silver says Litchfield County saw a 25% increase in mortgage rates, while Hartford and Fairfield counties were hit the worst with a nearly 30% increase.
For those hoping to buy a home in 2023, local experts say the 2022 housing market was a sellers' market that turned into a bidding war among buyers.
Experts say home prices will continue to appreciate in 2023, but just at a much smaller pace.
Mortgage rates will stabilize this year, but they will still flex and stay at 6%, Christine Finch Oleynick, of Keller Williams Prestige Properties, says.
Oleynick says 2023 will remain a sellers' market because home prices are up, and inventory is still low.
"But buyers have many more options because homes are staying on the market longer, and we aren't seeing those competitive conditions we were seeing last year," Oleynick says.
Oleynick predicts a lot of sellers will be correctly pricing their homes to sell this year, unlike during the pandemic when house prices were increased significantly.


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