Key Takeaways:
– Gripped by the fear of missing out and the promise of explosive growth, buyers and sellers ventured into the wild land of residential real estate in 2023, proving bears wrong.
–
Stubborn Resilience
: Against a background of incessant economic uncertainties, the real estate market strapped Clint Eastwood’s anti-hero attitude belt and walked seductively into the economic sunset, unscathed.
–
The Never-Ending Romance With Suburbia
: Contrary to reports that suburbia was “so 1990s”, people reaffirmed their commitment following a group counseling session with Dr. Green Backyard. The suburbs had a record year.
–
Condo Market’s Tie-Dye Phoenix
: After a series of years in the gloomy dungeons of disregard, the condo market came back, looking like a hippie phoenix, undeterred by the fears of small spaces in a post-pandemic world.
–
Persistent Inventory Shortage
: Like a plate full of cookies at a kindergarten party, the inventory of available houses evaporated faster than you can say “Sold!”. Demand supremely outweighed supply in 2023.
–
Interest Rates – The Flexi-ball
: Interest rates were set on a roller-coaster ride by the Bankers Bunny, making the borrowers and lenders play the guessing game.
–
Covid-19’s Silver Lining
: In a plot twist that surprised even M. Night Shyamalan, the pandemic proved beneficial for the real estate market with enforced domesticity and remote work cultures driving up home values.
The Punchline
Despite the onslaught of chaos and change, here we are at the end of 2023, with the residential real estate market standing tall, flexing its muscles like a prizefighter who took every punch and asked for more. It seems the naysayers, confidently perched atop hills of doom and gloom, have ended up with heaps of crow pie on their plates.
In a world gone topsy turvy, the love affair with suburbia was rekindled, transforming it from an awkward high school sweetheart into the George Clooney of living spaces. Who knew that a deadly virus would play cupid, eh? Homes became offices, and offices became… well, a thing of the past.
The condo market, like a forgotten one-hit-wonder from the 70s cleverly remixing their hit for a new generation, blazed back onto the scene with a vengeance. The saga of the tiny Titans proved that not all heroes and trends wear capes or come in large square footage packages.
What didn’t change, however, was the kindergarten cookie scenario with the housing inventory, as demand for property outstripped supply. It’s as if the word “enough” was erased from the dictionary of residential real estate. The erratic flexi-ball of interest rates didn’t make things easier, pushing stakeholders into a very exorbitant game of hopscotch.
But hey, if there’s one thing 2023 has taught us, it’s that having a strong roof over your head is as priceless as ‘The Scream’ by Edvard Munch, locked in an airtight chamber during an oxygen apocalypse. And we won’t even start on the condo prices; they are almost giving Bitcoin a run for its money. But you didn’t hear it from me. *wink*
So, hold onto your deed papers and strap in, folks. If the residential real estate market was a rollercoaster in 2023, 2024 is shaping up to be a rocket ship voyage into the unknown. You in for the ride?
Original article: https://www.inman.com/2023/12/15/recapping-the-resilience-of-the-2023-housing-market/
