2023 NVAR Region 2023 Residential Market Forecast

  The Northern Virginia Association of Realtors® (NVAR), in conjunction with the Center for Regional Analysis at George Mason University (GMU-CRA), issues a consensus forecast for the NVAR region’s housing market. The association convenes a panel of key experts from differing sectors of the real estate industry to review preliminary forecasts developed by GMU-CRA economists and offer their insights into current and near-future market conditions. The following represents the forecast team’s outlook for 2023   This forecast arrives at a time of market upheaval caused by a rapid acceleration of mortgage rates since the spring of 2022 as the Federal Reserve Bank aggressively increases interest…

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