As we move through October 2023, the housing market continues to evolve, reflecting a complex interplay of economic factors, buyer sentiment, and regional trends. After a period of uncertainty, recent data suggests a cautious optimism among both buyers and sellers, as the market adapts to new realities.
One of the most notable trends this month is the resurgence of demand for smaller homes, particularly among first-time buyers.
With rising mortgage rates and the ongoing cost of living crisis, many are seeking more affordable options. Recent reports indicate that smaller properties now account for a significant portion of sales, as buyers prioritize value and practicality oversize. This shift has contributed to a modest increase in property prices, with the average home value rising by approximately 1.5% since September.