Some real estate experts say they believe 2023 will be a better year for people in the market to buy a new home in Central New York.

Just a few years ago in 2021, we saw the highest number of home sales in Central New York in four years; however, that trend slowed down in 2022.

Experts say home sales in the region and across the country cooled off last year due to higher mortgage rates, economic concerns and low inventory.

In October, mortgage rates surpassed 7% for the first time since 2002, until decreasing in November. Experts said this year, there may be better news ahead for buyers because prices on homes have remained high, but inventory has started to grow.

Mortgage rates have also gone down between 0.5% and 1% in the last few months.

"I know folks don't want to be shopping for a house in January or February, but there's so much less competition out there. We know that there's limited inventory, for sure. That's been a problem in any season. But, for right now, with lower rates and just less competition, you may be going up against two or three buyers instead of 20 or 30," said Andrew DiGiacomo, Hunt Real Estate broker .

As more homes come on the market, competition for properties in general should begin to settle. DiGiacomo said that should make the market more friendly for buyers, even though it continues to be a sellers market.

Right now, the median selling price of a home in Central New York is about $190,000, that's a decrease from the peak median selling price of $200,000 in July.

Experts say getting a real estate agent, whether you’re looking to buy or sell, can makes things easier.