Experts say housing market is off to a 'stable start' for the new year

HOUSTON, Texas (KTRK) -- A recent study lists Houston as the eighth most stable housing market in the United States.

Interest rates, inflation, and inventory are just some of the factors experts say they're looking at to better gauge what the housing market will look like in 2023.

With the start of a new year, purchasing a new home or selling your current one may be something Houstonians are looking to do.

"For real estate, this time of the year is our slowest season of the year," Cathy Treviño, with the Houston Association of Realtors, said.

SEE ALSO: Houston renters see tight squeeze with limited apartment availability, new report says

Treviño said that'll most likely change in the summer.

We're in a sellers' market, making it hard to predict what it will look like, but Treviño said it's off to a stable start.

"We're starting to see homes stay on the market just a little bit longer, but in a way, it's actually leveling off the market to where buyers have more opportunity," Treviño said.

According to a recent study, in 2023, we'll see buyers having more leverage, seasonal cycles of the past will return, and suburbs will continue to boom.

"We have a lot of investors or homebuyers coming into Houston because we are a very affordable city and taking advantage of the lower prices and what you can buy in comparison to other parts of the county," Treviño said.

Despite the fluctuation in interest rates, experts say there's enough supply to meet demand.

Right now, the average price for a single-family home sits at about $400,000. Even though it may be too early to tell what direction the market will be heading, experts say consulting an agent is your best bet for navigating the system.

SEE ALSO: Data shows Houston home affordability continues to be a challenge