New Richmond WI's 2023 Housing Market Prediction has the potential to be very similar to the 2022 housing market based on my research of key indicators. In 4th quarter of 2022 the GDP, the CPI index, and the PCE index started trending positively which drove long-term mortgage interest rates to drop approximately 1 full percentage point down to approximately 6.2% to 6.5%.
My research, over a rolling 12-month period through November 2022 shows the New Richmond housing inventory of new listings, and closed sales were all down significantly in 2022, but the median sale price appreciated 9.4%, while the average sale price appreciated 8.6%. Inflation is supposed to drop at the end of 2023 significantly and drop down somewhere close to 3.0%. If true, it will have a big impact on mortgage interest rates dropping. Lower mortgage interest rates will cause greater upward pressure on demand, which would increase home sale appreciation. I anticipate the 2023 New Richmond WI housing market to remain fairly similar with possibly higher home appreciation to what we saw in 2022.
Contact John & Becky Durham at 651-231-2191