2024 is expected to witness new trends in the real estate market according to Realtor.com. While Midwestern and Northeastern metropolitan areas promise affordability, Western metros are making a comeback with decreased interest rates and robust growth in home sales and prices.
This forecast is based on a range of metrics, including median home prices, growth rates in home sales and prices, the proportion of homeownership, and local economic factors such as unemployment rates and the prevalence of various types of home loans.
Here are ten metros that will be all the rage in the 2024 housing market.
1. Toledo, OH
Toledo tops the list with a median home price 51.6% lower than the national listing. It has the highest number of homeowners who own their homes at 41.2%. The region is making it big in the real estate market due to its affordability.
2. Oxnard-Thousand Oaks-Ventura, CA
In 2024, this metro region in the West is expected to have a 21.3% growth rate for existing home sales and prices. When compared to average growth from 2017-2019, the current median sale price for existing homes differs by 43.3%.
3. Rochester, NY
Rochester is expected to see a 6.2% growth in existing home sale counts. Moreover, the unemployment rate is projected to go lower than the national rate of 4.2%. Second only to Toledo, 39.8% of homeowners in Rochester own their homes.
4. San Diego-Chula Vista-Carlsbad, CA
This metro region will experience a 16.3% rise in home sales and prices. Moreover, from January to August 2023, San Diego held the highest share of VA loans at 16.5%, double the 9.1% market average.
5. Riverside-San Bernardino-Ontario, CA
The Californian metro can expect a 15.8% increase in home sales and prices, making it a real estate hot topic in 2023. Riverside has a 22.9% share of FHA purchases, second only to Bakersfield.
6. Bakersfield, CA
Yet another Californian metro on this list, Bakersfield, is forecasted to have a 15.7% increase in sale counts and prices. Notably, Bakersfield boasts the highest share of FHA purchases at a whopping 26.7%.
7. Springfield, MA
A 14.7% increase is anticipated in existing home sale counts and prices for this Northeast metro region. When compared to the averages between 2017 and 2019, the 2024 sales count has dropped by 7.0% while prices differ by 48.9%.
8. Worcester, MA-CT
Anticipating a 13.9% increase in home sale counts and prices, Worcester is a significant contender in the 2024 real estate market. The region is an attractive place for homebuyers, thanks to its affordability, quality of life, and proximity to Boston and other major cities. It is also 41.8% less expensive than the closest Boston metro area.
9. Grand Rapids-Kentwood, MI
The Midwestern metro is expecting a 13.3% increase in housing sale counts and prices. This region holds much promise for the real estate market due to its thriving job market and affordability. About 38% of homeowners in Grand Rapids own their homes.
10. Los Angeles-Long Beach-Anaheim, CA
Lastly, this California metro region is expected to see a 12.7% rise in home sales and prices. The home sales count for 2024 is predicted to decrease by 31.9% compared to the 2017-2019 average.
