Realtors Forecast Top 10 Housing Markets for 2024
Originally Published by: Builder Online — December 4, 2023
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Looking ahead to next year, Realtor.com has identified the top U.S. housing markets that are primed and ready for growth in 2024. These markets are poised to see the strongest combined increase in home sales and listing prices in the coming year, according to the site's data and research.
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Most of the highlighted local markets offer relative affordability compared with the national median home price, especially in the Midwest and Northeast. In California, where five of the top 10 metro areas are located, markets are expected to rebound from a tough 2023 even as sales levels remain historically low.
“Now that we’re seeing the beginning of an affordability turnaround, home buyers are still looking for markets where they can capitalize on lower prices,” says Realtor.com chief economist Danielle Hale. “Even in some of the more expensive markets, we’ll see double-digit sales growth as sales start to rebound from their historic lows, helped by mortgage rates which are expected to finally relent.”
The top 10, in rank order, include:
- Toledo, Ohio
- Oxnard, California
- Rochester, New York
- San Diego
- Riverside, California
- Bakersfield, California
- Springfield, Massachusetts
- Worcester, Massachusetts-Connecticut
- Grand Rapids, Michigan
- Los Angeles
Five of this year’s top 10 metro areas are in Southern California, which is projected to perform better than the state as a whole, reports Realtor.com. These markets will see estimated average sales growth of 13.1% in 2024, compared with a sales decline of 4.1% for other California areas in the top 100.
The additional five markets located in the Northeast and Midwest are more affordable, with all of the cities in those areas except for Worcester, showing median listing prices lower than the national average. Their local economies are fueled by education, health care, and manufacturing and offer a high quality of life, with recreation, culture, and education that’s appealing to homeowners.
To see the full top 100 ranking and read further predictions, visit Realtor.com for its 2024 National Housing Forecast.