2022 Real Estate Market Overview into 2023

2022 started out as a banner year for real estate until June, when the market stalled due to the shock of higher mortgage interest rates and rising insurance premiums.  The unsustainable growth of the past two years slowed as Buyers waited for rates to come down and other costs to stabilize. This has resulted in a more balanced market currently, with a more even playing field for both Buyers and Sellers. Despite the fluctuating market this past year, The GiGi Burk Group adapted to the challenges, provided sound advice to their clients, worked hard and ended the year in the Top Three in Sales Volume for Orleans and Jefferson Parishes.

2023 real estate is forecasted to be stable, continuing the trend toward a more neutral market.  Sellers are pricing property more competitively and Buyers will have to be more realistic with negotiations. Mortgage interest rates have decreased from the peak in 2022, additional inventory has been added to the market and more Buyers are actively shopping and submitting offers.

Burk Brokerage and The GiGi Burk Group thank you for your trust over the past year and look forward to helping with your real estate needs in the new year.

To see more updates follow us on Instagram and Facebook @burkbrokerage and as always if you have any questions or ready to buy/sell call us at 504.488.8600.