Are you wondering what the housing market will look like in 2023? Luckily, experts have made predictions about the housing market, and we've summarized them here. So, whether you're planning on buying a home in 2023, or are just curious about what's to come, read on for all you need to know about the housing market this coming year!

Who will be dominating the market in 2023?

There are a lot of people who think they know the 2023 housing market. But the truth is, no one knows for sure what will happen. However, specific demographics are more likely to dominate the market. For one, millennials are reaching an age where they're ready to start their own families. They'll also be willing to pay more for a home close to their job or in a good school district.

In addition, this generation has been raised on the internet and is comfortable using technology for everything from shopping to work. They also care about sustainability and are looking for ways to reduce their environmental impact. As a result, many millennials are interested in buying green homes outfitted with the latest energy-efficient features.

Furthermore, they are willing to pay more for a conveniently located home and one that is easier to maintain. As the number of millennials entering the housing market grows, it's clear that they will significantly impact the market's direction in 2023.

Another demographic that's expected to play a significant role in the 2023 housing market is baby boomers. Many of them are now empty nesters and are looking to downsize. They're also increasingly interested in buying vacation homes. So, if you're thinking about selling your home in 2023, keep these demographics in mind. It could give you a leg up on the competition.

Remodeling Trends in 2023

Home is where the heart is; these days, many people spend more time at home than ever before. As a result, homeowners are looking for ways to make their living spaces more comfortable and inviting. One popular trend is home remodeling. According to the National Association of Home Builders, kitchen and bathroom remodeling are two of the most popular home improvement projects. Homeowners are also increasingly interested in add-ons such as home offices, sunrooms, and outdoor living spaces. As the housing market continues to rebound, these trends will likely continue.

So, what trends will dominate the housing market in 2023? Here are a few predictions:

The return of color: 

After years of mainly seeing neutral tones on walls and furnishings, we predict that 2023 will be the year of color. Expect to see bolder hues come back in both paint and fabric choices.

Textured surfaces: 

Smooth, flat surfaces have been popular for a while now, but we think people will start to crave more texture in their homes. Look for textured wallpaper, stone accents, and even shag rugs making a comeback.

Natural materials: 

In keeping with the trend towards more texture, we also expect to see a return to natural materials like wood and stone. Look for these materials used in structural elements like floors and cabinets and decor items like vases and sculptures.

Open-Concept Floor Plans: 

Homeowners are increasingly looking for ways to open up their living spaces and create a more seamless flow between rooms. Due to this trend, expect to see more homes with open-concept floor plans in 2023.

Kitchen and Bathroom Upgrades: 

With more people working from home, there is a growing demand for well-appointed kitchens and bathrooms. Homeowners must invest in upgrades such as new countertops, appliances, and fixtures.

Smart Technology: 

Another popular trend for 2023 is integrating smart technology into the home. Homeowners are looking for ways to make their lives easier, and many are turning to smart devices to help with tasks such as controlling lighting, security, and temperature.

Energy-Efficient Improvements: 

As concerns about the environment continue to grow, many homeowners are expected to make energy-efficient improvements to their homes. These may include solar panels, energy-efficient windows, and insulation upgrades.

Housing Trends 2023

2023 is shaping up to be an exciting year for the housing market. For starters, we're likely to see an increase in young adults moving out of their parent's homes and into their condominium units, townhomes, or houses. This trend is being driven by a combination of factors, including rising rents, student loan debt, and the ever-present desire for independence. As a result, we can expect to see an increase in demand for both rental properties and entry-level homes.

Another trend that we're likely to see more of in 2023 is a shift toward cozy homes, or tiny homes which are about or less than 600 square feet. As people become more conscious of the environmental impact of their homes, they're increasingly interested in downsized living spaces that require less energy and resources to maintain. This trend is prevalent among millennials, who also drive the demand for sustainability-focused features like solar paneling and rainwater harvesting systems. Overall, 2023 is shaping into a year of significant changes in the housing market.

What are buyers looking for in homes in 2023

Here are a few predictions:

  • More and more buyers will be looking for homes that can accommodate their home office needs. The home office has become a must-have feature with more people working remotely. Look for homes with dedicated office space or the potential to create an office space.
  • Buyers will also be looking for homes with plenty of outdoor space. With the pandemic forcing us to spend more time at home, we're all craving fresh air and open space. So, patios, decks, and balconies will be high on many buyers' lists.
  • Another trend we're seeing is a move away from traditional suburban neighborhoods and toward more urban areas. Buyers are increasingly interested in walkable neighborhoods with plenty of amenities nearby. So, if you're considering buying a home in 2023, look for properties in established city neighborhoods or up-and-coming urban areas.

If you're considering buying or selling a home in 2023, staying up to date on the latest trends is essential. This will help ensure that you make the best decisions for your situation. We’ve outlined some key things to remember for the 2023 housing market. From whom will dominate the market to what buyers are looking for in homes, this information will give you a leg up when planning your next move.  What are your thoughts on these remodeling trends? Are you ready to take on the 2023 housing market? What remodeling projects are you planning?