Midwest Realestate Trends

Midwest Real Estate Trends for 2023

The Midwest is expected to feature front and center in 2023 as affordability becomes the key driver of both supply and demand in the market. Places that still feature reasonable prices are already seeing momentum shift their way and should have the healthiest housing markets in 2023.

Unlike nearly every other region in the United States, prices in most Midwest metro areas haven’t run up to extremes. Mortgage costs as a share of income are still within healthy, sub-30% levels across Ohio, Pennsylvania, Kansas, upstate New York, Iowa and smaller metros in Illinois, which will allow first-time buyers to take the plunge.

Lower rents and home prices in these areas make it easier to save up for a down payment. Having available houses to choose from is another key component of a healthy market, and the Midwest stands out – inventory isn’t in a massive hole compared to pre-pandemic times, and declines in new listings are smaller than the national average.

Another trend that is expected to gain momentum is buying with friends and family. With housing costs rising far beyond previous affordability norms, those chasing down homeownership are turning to unconventional means of making it pencil out financially.

In conclusion, the Midwest real estate market is expected to heat up in 2023 as affordability becomes a key driver of both supply and demand. Buying with friends and family is also expected to gain momentum as people look for new ways to overcome the housing affordability crisis.