{"id":4057,"date":"2023-12-05T01:15:24","date_gmt":"2023-12-05T01:15:24","guid":{"rendered":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/2023\/12\/05\/the-top-10-real-estate-markets-of-2024-youll-never-guess-which-ones-made-the-cut\/"},"modified":"2023-12-05T01:15:24","modified_gmt":"2023-12-05T01:15:24","slug":"the-top-10-real-estate-markets-of-2024-youll-never-guess-which-ones-made-the-cut","status":"publish","type":"post","link":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/2023\/12\/05\/the-top-10-real-estate-markets-of-2024-youll-never-guess-which-ones-made-the-cut\/","title":{"rendered":"The Top 10 Real Estate Markets of 2024: You\u2019ll Never Guess Which Ones Made the Cut"},"content":{"rendered":"

<\/a><\/p>\n

Realtor.com \/ Getty Images<\/p>\n

<\/p>\n

Everyone seems to know someone who knows someone who hit the real estate jackpot: lucky folks who bought a home for a relative pittance back when prices were low and then sold it a few years later for a windfall.<\/p>\n

So where are the next<\/em> hot spots to buy a home?<\/p>\n

While it\u2019s nearly impossible to time the housing market, certain parts of the country are expected to fare better than others this coming year, according to the Realtor.com\u00ae 2024 forecast<\/a>.<\/p>\n

In this forecast, Realtor.com identified the real estate markets where home sales prices are anticipated to grow, even as they dip nationally<\/a>. The number of existing-home sales in these places is also expected to surge, despite remaining mostly flat in much of the rest of the country.<\/p>\n

The top 10 markets in 2024 \u201chave been more steady,\u201d says Realtor.com Chief Economist Danielle Hale<\/strong>. \u201cThey haven\u2019t seen the big price and sales booms we\u2019ve seen in other parts of the country, which helps them to stand out now.\u201d<\/p>\n

The Realtor.com economics team predicted home sales prices as well as the number of existing-home sales, which excluded new construction, in the 100 largest metropolitan areas.<\/p>\n

Ironically, two of the nation\u2019s most expensive states claimed seven of the top 10 spots. Half were on the West Coast, in notoriously pricey California, with two in Massachusetts.<\/p>\n

That might come as a surprise as homebuyers have increasingly been seeking out pockets of affordability<\/a> as mortgage rates spiked and home prices have remained historically high. Those high costs resulted in a rough year for the Golden State housing market. As it became even more unaffordable to purchase a home in California, prices slumped in many areas and sales dried up.<\/p>\n

Many of these Southern California markets are expected to rebound in 2024. As mortgage rates are predicted to fall in the year ahead, it will bring more buyers into the market who are expected to bid up prices. Equally important will be the additional sellers who are likelier to put their homes up for sale, boosting inventory, as they become more confident they can find new ones. That will result in more sales.<\/p>\n

The Massachusetts metros are smaller, more affordable places that might make sense for those who work locally or are commuting less to larger, more expensive cities like Boston.<\/p>\n

\u201cAs people have more remote work, they are willing to live farther away from the office,\u201d says Hale.<\/p>\n

The wild card in these top market predictions is mortgage rates. If rates shoot back up again or refuse to retreat to the mid-6% range, many California markets might not see the price and sales growth that Realtor.com has anticipated.<\/p>\n

\u201cSeeing mortgage rates come back will be enough to kick-start buyer demand,\u201d says Hale.<\/p>\n

Let\u2019s check out the top housing markets of 2024:<\/p>\n

1. Toledo, OH<\/a><\/h2>\n

<\/a>Toledo, OH<\/p>\n

iStock<\/p>\n

November median home list price: $200,000<\/strong>
\nForecasted 2024 home sales price change: 8.3%<\/strong>
\nForecasted 2024 home sales change: 14%<\/strong><\/p>\n

When most folks think about America\u2019s top real estate markets, Toledo might not be their first pick. The Rust Belt city, about an hour southwest of Detroit on the banks of Lake Erie, has seen its share of troubles over the past few decades.<\/p>\n

However, the Toledo housing market has remained largely balanced over the past few crazy years. Prices have stayed low, at less than half of the national median price of $420,000 in November.<\/p>\n

\u201cIt\u2019s less prone to the wild swings we\u2019ve seen in other markets,\u201d says Hale. \u201cThe highs weren\u2019t as high and the lows weren\u2019t as low\u2014so that\u2019s one of the reasons they\u2019re going to start to recover first.\u201d<\/p>\n

There has been an influx of new buyers in search of affordable homes here, says local real estate agent Rick Turner<\/strong>, of Key Realty. There have also been plenty of investors buying fixer-uppers, renovating them, and then renting out those properties, although they\u2019ve been pulling back a bit recently.<\/p>\n

\u201cWe\u2019re seeing fewer people who are applying for mortgages right now,\u201d Turner says.<\/p>\n

Those looking for entry-level homes in the suburbs can find them in the $250,000 to $300,000 range in places such as Sylvania, OH,<\/a> and Holland, OH<\/a>. Buyers searching within the city limits can still score a starter home for about $160,000.<\/p>\n

2. Oxnard, CA<\/a><\/h2>\n

<\/a>Oxnard, CA<\/p>\n

iStock<\/p>\n

November median home list price: $1,037,000<\/strong>
\nForecasted 2024 home sales price change: 3.3%<\/strong>
\nForecasted 2024 home sales change: 18%<\/strong><\/p>\n

About an hour north of Los Angeles on the coast is Oxnard, an agricultural area known for its picturesque beaches, which include the communities of Thousand Oaks<\/a> and Ventura<\/a>.<\/p>\n

The area is a cheaper alternative to Los Angeles, where homes have a $1.15 million median price tag\u2014but that gap is closing quickly. List prices in the metro were up 22% in October compared with a year earlier, and homes are selling quicke<\/a>r than in 2022.<\/p>\n

Many of the homes in this market are ranch-style, although there are multilevel homes near the water<\/a> as well as plenty of condos<\/a> and a smattering of townhomes<\/a>.<\/p>\n

This single-level, four-bedroom, two-bathroom house<\/a> is on the market for $735,000. Buyers looking for a deal can check out this three-bedroom, three-bathroom condo<\/a> in downtown Oxnard for $565,000.<\/p>\n

3. Rochester, NY<\/a><\/h2>\n

<\/a>Rochester, NY<\/p>\n

Getty Images<\/p>\n

November median home list price: $239,000<\/strong>
\nForecasted 2024 home sales price change: 10.4%<\/strong>
\nForecasted 2024 home sales change: 6.2%<\/strong><\/p>\n

Rochester has emerged as a real estate destination thanks to the area\u2019s low home prices and scenic location on Lake Ontario, upstate in New York on the Canadian border. The metro has become a stalwart of the Realtor.com hottest markets list<\/a> since 2022.<\/p>\n

The Rust Belt city, the headquarters of former corporate titan Kodak, struggled over the decades but was awarded $10 million last year<\/a> for revitalization projects downtown.<\/p>\n

The local housing market is dominated by single-family homes<\/a>\u00a0on the resale market, but buyers can find townhomes<\/a> and new construction<\/a>.<\/p>\n

There is this three-bedroom, two-bathroom Colonial<\/a> on more than an acre of land for just under $250,000. Buyers can also snap up this recently renovated three-bedroom, 1.5-bath house for nearly $175,000.<\/p>\n

4. San Diego, CA<\/a><\/h2>\n

<\/a>San Diego, CA<\/p>\n

iStock<\/p>\n

November median home list price: $995,000<\/strong>
\nForecasted 2024 home sales price change: 5.4%<\/strong>
\nForecasted 2024 home sales change: 11%<\/strong><\/p>\n

The inclusion of San Diego on this list might be a head-scratcher. The desirable Southern California city, close to the U.S.-Mexico border, is renowned for its warm weather, miles of beautiful beaches, and the San Diego Zoo.<\/p>\n

The metro was smacked hard by surging mortgage rates, which, along with the high home prices, made the area financially untenable for many buyers. Many home sellers were forced to slash their prices and homes sat on the market for longer until the market began turning around this year.<\/p>\n

Mortgage broker Julie Aragon<\/strong>, of Aragon Lending, is seeing buyers trade Los Angeles for San Diego, where they can find larger homes in good school districts for less money.<\/p>\n

\u201cThe bigger houses, there is still a lot of demand for those,\u201d says Aragon.<\/p>\n

This newly renovated four-bedroom, three-bathroom house<\/a>\u00a0is on the market for about $970,000. Buyers on a tighter budget can tour this one-bedroom condo<\/a> in the Mission Valley neighborhood for $435,000.<\/p>\n

5. Riverside, CA<\/a><\/h2>\n

<\/a>Riverside, CA<\/p>\n

iStock<\/p>\n

November median home list price: $585,000<\/strong>
\nForecasted 2024 home sales price change: 2%<\/strong>
\nForecasted 2024 home sales change: 13.8%<\/strong><\/p>\n

Riverside, an area known for its citrus groves about an hour inland from Los Angeles, continues to attract homebuyers from pricier parts of the state. But there is little for them to purchase.<\/p>\n

\u201cOur issue this year has been lack of properties put on the market,\u201d says real estate broker Doug Shepherd<\/strong>, of Better Homes and Gardens Real Estate Champions. \u201cNo one is selling.\u201d<\/p>\n

Roughly 50% to 60% of his clients are chasing affordability from Los Angeles, where the median home price is nearly double that of Riverside, and other areas in Southern California.<\/p>\n

\u201cEven at these interest rates, we\u2019re still affordable\u201d to these buyers, Shepherd says. \u201cIf we can put more homes on the market, we\u2019ll have more sales. Demand is there.\u201d<\/p>\n

6. Bakersfield, CA<\/a><\/h2>\n

<\/a>Bakersfield, CA<\/p>\n

Getty Images<\/p>\n

November median home list price: $385,000<\/strong>
\nForecasted 2024 home sales price change: 2.3%<\/strong>
\nForecasted 2024 home sales change: 13.4%<\/strong><\/p>\n

Bakersfield is another agricultural area that\u2019s been catching the interest of Los Angelenos as well as remote workers seeking more affordable real estate. The city is inland, about two hours north of the larger city.<\/p>\n

\u201cAffordability has always been the biggest draw,\u201d\u00a0says real estate agent William Gordon<\/strong>, of the Gordon Team Realty. As mortgage rates have dipped recently into the lower 7% range, he\u2019s seen a slight uptick in housing market activity.<\/p>\n

\u201cI do see a pretty strong spring coming as long as rates keep dropping,\u201d he adds.<\/p>\n

This four-bedroom, two-bathroom home<\/a> with an in-ground pool, covered patio area, and chicken coops is on the market for $399,000. There are also plenty of newly constructed houses<\/a> for sale between $500,000 and $700,000.<\/p>\n

7. Springfield, MA<\/a><\/h2>\n

<\/a>Springfield, MA<\/p>\n

iStock<\/p>\n

November median home list price: $350,000<\/strong>
\nForecasted 2024 home sales price change: 4.2%<\/strong>
\nForecasted 2024 home sales change: 10.5%<\/strong><\/p>\n

Springfield might be an unusual pick for a national top markets list. But this city, the birthplace of beloved author Dr. Seuss<\/strong>, is luring homebuyers with its affordable home prices and low unemployment.<\/p>\n

The metro is about 90 minutes west of Boston on the Connecticut River, with home prices less than half of the larger metro\u2019s median of $837,000, according to Realtor.com list price data in October. And that\u2019s after home prices have steadily risen in the Springfield area since mid-2022.<\/p>\n

This three-bedroom, 1.5-bathroom brick house<\/a> with an in-ground pool is $375,000. Those looking for something a bit cheaper and in need of less maintenance can give this two-bedroom, two-bathroom condo<\/a> with a balcony a look.<\/p>\n

8. Worcester, MA<\/a><\/h2>\n

<\/a>Worcester, MA<\/p>\n

Getty Images<\/p>\n

November median home list price: $475,000<\/strong>
\nForecasted 2024 home sales price change: 4.8%<\/strong>
\nForecasted 2024 home sales change: 9.1%<\/strong><\/p>\n

Similar to Springfield, Worcester has long been a cheaper alternative to Boston. The larger city is only about an hour\u2019s drive to the east.<\/p>\n

However, the additional demand for homes in the Worcester area has pushed median home list prices up 42% in just four years, according to Realtor.com October data. And that\u2019s still<\/em> a major bargain compared with Boston\u2019s prices. That helps to explain why the metro was also named one of the top markets of 2023<\/a> by Realtor.com.<\/p>\n

The buyers braving the Worcester market are a mix of Bostonians, investors, and locals who can afford the higher prices and mortgage rates, says real estate broker Nick McNeil<\/strong>, of McNeil Real Estate.<\/p>\n

\u201cThe market obviously is hot, but it is cooling down,\u201d he says. That\u2019s due to today\u2019s buyers facing expensive, monthly mortgage payments and a lack of homes for sale. \u201cI\u2019ve got 20 people here I could probably call and we could list their house tomorrow. But then they\u2019ve got nowhere to go.\u201d<\/p>\n

If rates dip into the 6% range, as Realtor.com economists forecast, many sellers and buyers will be nudged off the sidelines, McNeil says. That additional competition will heat the market, pushing prices up even more.<\/p>\n

9. Grand Rapids, MI<\/a><\/h2>\n

<\/a>Grand Rapids, MI<\/p>\n

iStock<\/p>\n

November median home list price: $390,000<\/strong>
\nForecasted 2024 home sales price change: 7.2%<\/strong>
\nForecasted 2024 home sales change: 6.1%<\/strong><\/p>\n

Known for its brewery scene and role in producing office furniture (something the city touts), Grand Rapids is another city that\u2019s seen high home price growth during the COVID-19 pandemic. And prices in Grand Rapids, just east of Lake Michigan, keep notching up.<\/p>\n

However, the pervasive lack of homes is stymying the market.<\/p>\n

\u201cThere are still plenty of people who would purchase if there were homes available,\u201d says real estate broker Steve Volkers<\/strong>, of Five Star Real Estate. \u201cThat\u2019s more the issue than the interest rates.\u201d<\/p>\n

There are still people moving into the area, many of whom are baby boomers wanting to be closer to family or folks moving in from the other side of the state.<\/p>\n

\u201cBefore they could buy a lot bigger of a house because interest rates were low,\u201d says Volkers. \u201cBut now, they\u2019re just adjusting and finding something within their \u2026 budget because they still want to be homeowners.\u201d<\/p>\n

This three-bedroom, three-bathroom brick house<\/a> on a quarter of an acre is on the market for $499,000.<\/p>\n

10. Los Angeles<\/a><\/h2>\n

<\/a>Los Angeles, CA<\/p>\n

Getty Images<\/p>\n

November median home list price: $1,150,000<\/strong>
\nForecasted 2024 home sales price change: 3.5%<\/strong>
\nForecasted 2024 home sales change: 9.2%<\/strong><\/p>\n

The Los Angeles housing market took a beating as mortgage rates spiked. Prices slipped or grew very modestly, homes took longer to sell, and many sellers had to cut prices.<\/p>\n

However, the market has been rebounding in recent months.<\/p>\n

\u201cA lot of our clients are just realizing that, after a year and a half of [higher mortgage rates], these are the rates,\u201d says mortgage broker Aragon.<\/p>\n

The problem: There aren\u2019t enough homes to go around. Once rates fall, Aragon anticipates more buyers will jump into the market and the bidding wars will ratchet up.<\/p>\n

\u201cIt\u2019s going to get more competitive,\u201d she says. \u201cI expect prices to go up a lot.\u201d<\/p>\n

The post The Top 10 Real Estate Markets of 2024: You\u2019ll Never Guess Which Ones Made the Cut<\/a> appeared first on Real Estate News & Insights | realtor.com\u00ae<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Realtor.com \/ Getty Images Everyone seems to know someone who knows someone who hit the real estate jackpot: lucky folks who bought a home for a relative pittance back when prices were low and then sold it a few years later for a windfall. So where are the next hot spots to buy a home?…Read More→<\/a><\/p>\n","protected":false},"author":0,"featured_media":4058,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-4057","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"_links":{"self":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/posts\/4057","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/comments?post=4057"}],"version-history":[{"count":0,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/posts\/4057\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/media\/4058"}],"wp:attachment":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/media?parent=4057"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/categories?post=4057"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/tags?post=4057"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}