As 2023 is coming to a close, there’s a lot of predictions up in the air for what the housing market is going to look like in 2024. Will mortgage rates come down? Will prices? Will the market crash? There’s a lot of questions, but one of the biggest is what markets are going to boom come the new year.
Realtor.com’s latest report takes a shot at predicting which housing markets are primed and ready to become the top markets of 2024 based on data from throughout 2024. The report found that the predicted top markets are mainly located in Southern California, the Northeast, and the Midwest.
Realtor.com’s forecasted top housing markets in 2024:
- Toledo, Ohio
November 2023 median home price: $200,000
Forecasted 2024 home sales change: +14.0%
Forecasted 2024 home price change: +8.3%
Forecasted 2024 combined sales and price change: +22.3%
- Oxnard et al, California
November median home price: $1,037,000
Forecasted home sales change: +18.0%
Forecasted home price change: +3.3%
Forecasted combined sales and price change: +21.3%
- Rochester, NY
November median home price: $239,000
Forecasted home sales change: +6.2%
Forecasted home price change: +10.4%
Forecasted combined sales and price change: +16.6%
- San Diego et al, California
November median home price: $995,000
Forecasted home sales change: +11.0%
Forecasted home price change: +5.4%
Forecasted combined sales and price change: +16.3%
- Riverside et al, California
November median home price: $585,000
Forecasted home sales change: +13.8%
Forecasted home price change: +2.0%
Forecasted combined sales and price change: +15.8%
- Bakersfield, California
November median home price: $385,000
Forecasted home sales change: +13.4%
Forecasted home price change: +2.3%
Forecasted combined sales and price change: +15.7%
- Springfield, Massachusetts
November median home price: $350,000
Forecasted home sales change: +10.5%
Forecasted home price change: +4.2%
Forecasted combined sales and price change: +14.7%
- Worcester, Massachusetts-Connecticut
November median home price: $475,000
Forecasted home sales change: +9.1%
Forecasted home price change: +4.8%
Forecasted combined sales and price change: +13.9%
- Grand Rapids et al, Michigan
November median home price: $390,000
Forecasted home sales change: +6.1%
Forecasted home price change: +7.2%
Forecasted combined sales and price change: +13.3%
- Los Angeles et al, California
November median home price: $1,150,000
Forecasted home sales change: +9.2%
Forecasted home price change: +3.5%
Forecasted combined sales and price change: +12.7
Major takeaway:
Across the nation’s largest 100 metro areas, Realtor.com reported that sales price growth is expected to outpace the national average in 2024. Median sales prices in the 100 largest metros are expected to rise by an average of 1.2%, compared to a 1.7% decline nationwide. Home sales in the 100 biggest markets will decline an estimated 2.2%, while nationwide, sales will remain relatively stable (+0.1%).
“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,” said 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.”
