Hemnet’s Year in Review 2023: Record Supply, Strengthened Price Expectations and Hesitation Defined the Housing Market

In 2023, ongoing uncertainty regarding interest rate developments led many buyers and sellers to adopt a more cautious approach in the real estate market. The number of published property listings and completed sales decreased, while the time properties spent on the market increased. However, housing price expectations have significantly strengthened throughout the year,, and the price trend has remained stable. In November, the Riksbank kept the policy rate unchanged for the first time since May 2022 when it began raising rates rapidly. Several experts have indicated the possibility of interest rate cuts in 2024, potentially impacting mobility in the real estate market positively.

- The real estate year 2023 has been characterized by caution and low activity. Both buyers and sellers have faced new challenges, such as perceived difficulties in obtaining mortgagesand negotiating prices. This has resulted in significantly longer selling times, contributing to an accumulation of inventory despite a relatively low number of published properties, says Erik Holmberg, market analyst at Hemnet.

Increased Confidence in Rising Housing Prices Throughout the Year

In January, 53 percent of homebuyers in Hemnet's Buyer Barometer believed that prices would decrease in the next six months. Only 14 percent expected prices to rise. In this year's final Buyer Barometer, price expectations have strengthened noticeably. Now, 31 percent anticipate declining prices, while 23 percent expect prices to rise.

- Speculation about future interest rate developments has had a significant impact on the real estate market in 2023. While significant price declines have not materialized, buyers and sellers seem to struggle to reach agreements, contributing to sluggishness in the market. If the interest rate situation becomes clearer in the future, we can expect it to increase mobility in the real estate market, says Staffan Tell, Head of PR at Hemnet.

Record-High Supply

Despite 13 percent fewer properties being listed for sale from January to November compared to the previous year, a new supply record was set during the year. In September, there were 64,102 properties for sale in Sweden, 19 percent more than the same month the previous year, marking it the highest level recorded in Hemnet's statistics. The high supply is primarily due to properties taking longer to sell. However, since fewer properties have been published throughout the year, the supply paradoxically may have been perceived as low in some areas.

Hemnet 2023 in Figures*:
176,643 total number of published properties (-13%)
SEK 536 billion in total asking prices (-15%)
48,731 houses listed for sale (-11%)
99,853 apartments listed for sale (-14%)

*Figures cover the period from January to November and include new construction. Comparison is for the same period in 2022.

Most Clicked Properties on Hemnet in 2023:

För mer information vänligen kontakta:

Press
Erik Holmberg, marknadsanalytiker Hemnet
M: +46 72-55 88 050
E: erik.holmberg@hemnet.se

Staffan Tell, Head of PR
M: +46 733 67 66 85
E: staffan.tell@hemnet.se

IR

Nick Lundvall, IR Manager & Head of Corporate Development
M: +46 76 145 21 78
E: nick.lundvall@hemnet.se

About Hemnet

Hemnet operates the leading property platform in Sweden. The company emerged as an industry initiative in 1998 and has since transformed into a "win-win" value proposition for the housing market. By offering a unique combination of relevant products, insights and inspiration, Hemnet has built lasting relationships with buyers, sellers, and agents for more than 20 years. Hemnet shares a mutual passion for homes with its stakeholders and is driven by being an independent go-to-place for people to turn to for the various housing needs that arise through life. This is mirrored in the company’s vision to be the key to your property journey, supplying products and services to improve efficiency, transparency and mobility on the housing market. Hemnet is listed on Nasdaq Stockholm (‘HEM’).

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