2023 vs 2022 Market Results

Dated: January 20 2024

Views: 282

What happened in 2023?

This year marks 20 years for me as a realtor and I have to say 2023 was one of the strangest I've seen. There's an eerie similarity to my January 2010 "mulitple reality" report from Kauai 14 years ago.

Different economic and political dynamics, yet similarly confusing market results. 

I've lived through market shifts, gentrification, various changes but the real estate shifts (both up and down) during the past few years have been unique - impacted by conditions outside of real estate supply and demand.

In 2020 and 2021 we saw spikes in demand created by COVID shifts in lifestyle raising prices and creating competing offer dynamics for some areas, and a desert of condo activity in core urban areas. However, 2023 trends were not COVID related. 

I see housing trends in 2023 as collatoral damage from outside economic forces, such as the "strategy" for economic recovery focused on raising interest rates. Not driven by buyers and sellers.

It seems as if there was a pause for both buyers and sellers, waiting to see what would happen to market values and interest rates.

One might have thought that values would drop given interest rates at 2-3 times what they were. However, that has not been the trend. 

There is no one "market" - it varies by location, style of home and can be different from one condo development to the next. For example, Rittenhouse Square saw not only strong values but approximately 50% cash buyers - at high price points (sold at 98%-100% of listing price);

For a broader view, compare 2023 with 5-year pre-COVID trends;

One of the challenges with analyzing market trends in 2023 was the dramatic reduction in number of sales. As you know, with limited inventory a few sales can skew the numbers significantly.

What about foreclosures and short sales? While there was a small uptick in distressed properties in 2023, the increase in equity means its not a short sale / foreclosure market. Distressed owners have an opportunity to sell and resolve their debt in full. 

Please review the information below. When you click on the links you'll find current statistics for new listings, price reductions, foreclosures and short sales as well as listing updates for each micro-market.

Dramatic decreases in price reductions in Q4 2023 along with an increase in listings is a trend in all areas.

There's more inventory and buyer activity has definitely picked up.

2023 vs 2022 Real Estate Market Results

Location2023 Median Sold Price2022 Median Sold Price

+/- Shift

Avg Sold Price/OLP

Bala Cynwyd$322,500$570,000-57.1%87.5%
Blue Bell$655,000$545,000+20.2%96.5%
Bryn Mawr$755,000$692,500+15%101%
Huntingdon Valley$580,000$565,500+16.0%95.8%
King of Prussia$435,000$417,500+12.3%101.8%
Lancaster County$325,000$290,204+12.0%102.5%
Lower Merion$732,500$750,000-2.3%96.4%
Newtown Square$607,500$825,000-26.4%98.1%
West Chester$550,000$555,000-0.9%97.7%

For a detailed report for your location, just let me know. Let's discuss what all this data means for your unique goals. 

Susanna Kunkel, Realtor
eXp Realty, LLC

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Susanna Kunkel

Susanna provides executive level service to all her clients based on her years in corporate CEO offices. Creative marketing, global networking and local expertise. Her unique mix of business savvy and....

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