No one is saying that proptech hasn't been feeling some pain. Even as of October, both investors and startup founders had a drop in confidence in the sector. According to a count by the Center for Real Estate Technology & Innovation (CRETI), while proptech companies raised $19.8 billion in total globally from venture capital firms in 2022, that was down 38% from 2021's nearly $32 billion and represented the second lowest investment year since 2018.

"The narrative in the proptech industry continues to change along with the macro real estate environment," the organization explained.  "Real estate organizations have adopted a more defensive position as entrepreneur-founders and investors navigate through a cautiously conservative landscape.  Market volatility continues to persist due to monetary policy, rising interest rates, and recessionary fears."

Zigg Capital founding partner Dave Eisenberg recently predicted that "2023 will be about proptech companies surviving, thriving or diving in the downturn," which pretty much covers all the possibilities. He expected "a handful of very savvy transactions that will pierce through the liquidity desert and prove to be transformative a few years from now."