Flagler County’s housing market, which was very strong during the pandemic between 2020-2022, has cooled off over the past 6-8 months, but prices have continued to increase. With sales volume decreasing consistently since the summer of 2022, the forces of supply and demand were expected to take hold, resulting in sales price decreases. That hasn’t happened…yet.
Now, two of the real estate industry’s top analytics firms disagree about the future direction of the housing market, both nationally and in Flagler County. Take a look at the below maps predicting how each firm expects home prices to shift in 2023 (one from Moody’s Analytics, followed by Zillow’s map).
The above maps show a big difference between real estate prices/values holding firm, and potentially gaining in 2023 (Zillow), versus a loss of 5% or more (Moody’s Analytics). Perhaps we shouldn’t be surprised with the difference of opinions, considering Floridian Consumer Sentiment remains near 10-year lows, making it difficult to predict future consumer spending/behaviors.
The Palm Coast-Flagler Regional Chamber of Commerce will continue to provide our partners with the latest perspectives and research to help them make informed business decisions.