It’s been a wild year for Bay Area real estate — and not in the way we’ve grown accustomed to. After a hotter-than-hot 2021, 2022 started out with a bang, only to cool dramatically in the second half of the year. As interest rates rose, stock markets softened and tech layoffs abounded, the Bay Area housing market started to contract for the first time in years. One report even said the Bay Area metro is no longer the least affordable housing market in the U.S. The rental market stayed fairly steady as well, remaining below pre-pandemic levels and showing no signs of reclaiming its title of the most expensive market in the U.S.
Predictions are just that, and if last year’s forecasting taught us anything, it’s that markets can drastically change, even within a year. We talked with Bay Area economists, realtors and data analysts to better understand what they think will happen in the 2023 housing market.
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