Realtor.com® Forecasts the 2024 Top Housing Markets
- Toledo, Ohio, Oxnard, Calif., and Rochester, N.Y. are forecasted to experience significant growth in home sales and listing prices in 2024. Affordability, job growth, and quality of life in the top markets are appealing to homeowners.
- First-time home buyers are optimistic about achieving homeownership, with 76% believing it is still possible despite current market conditions.
- The Midwest and Northeastern top markets are more affordable compared to the national median home price, with strong local economies fueled by education, healthcare, and manufacturing.
- Sales price growth in the 100 largest metros is expected to outpace the national average in 2024. However, home sales in these markets are expected to decline, raising concerns about the overall stability of the housing market.
- California's housing markets are projected to perform better than the state as a whole, but sales levels remain historically low.
Toledo, Ohio ,Oxnard, Calif. , andRochester, N.Y. take top spots in annual ranking- Despite current market conditions,
76% of first-time home buyers think the dream of home ownership is still possible - First-time home buyers looking to buy in the next year have been saving around
$800
Mainly located in
Most of this year's Top Markets offer relative affordability compared to the national median home price – especially in the Midwest and Northeast. In
According to new research from Realtor.com®, even faced with the challenging homebuying landscape, almost half of first-time home buyers (
Across the nation's largest 100 metropolitan areas, 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
"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."
Affordability Drives Northeast and Midwest Top Markets
Midwestern and Northeastern top markets are more affordable, with all of the top five markets in those areas except for
What's Going on in
Five of this year's top 10 metro areas are in
Wild Cards Include Economy, Mortgage Rates
So far, the national labor market has remained strong even in the face of the Federal Reserve's interest-rate increases. In Northeastern and Midwestern top markets, housing market growth could be at risk if unemployment rises above expectations, or if dominant sectors including education, healthcare, manufacturing, and government see weak job creation. In
Realtor.com® 2024 Top Housing Markets
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, Calif.
November 2023 median home price:$1,037,000
Forecasted 2024 home sales change: +18.0%
Forecasted 2024 home price change: +3.3%
Forecasted 2024 combined sales and price change: +21.3% Rochester, NY
November 2023 median home price:$239,000
Forecasted 2024 home sales change: +6.2%
Forecasted 2024 home price change: +10.4%
Forecasted 2024 combined sales and price change: +16.6% San Diego et al, Calif.
November 2023 median home price:$995,000
Forecasted 2024 home sales change: +11.0%
Forecasted 2024 home price change: +5.4%
Forecasted 2024 combined sales and price change: +16.3% Riverside , et al Calif.
November 2023 median home price:$585,000
Forecasted 2024 home sales change: +13.8%
Forecasted 2024 home price change: +2.0%
Forecasted 2024 combined sales and price change: +15.8% Bakersfield, Calif.
November 2023 median home price:$385,000
Forecasted 2024 home sales change: +13.4%
Forecasted 2024 home price change: +2.3%
Forecasted 2024 combined sales and price change: +15.7% Springfield, Mass.
November 2023 median home price:$350,000
Forecasted 2024 home sales change: +10.5%
Forecasted 2024 home price change: +4.2%
Forecasted 2024 combined sales and price change: +14.7% Worcester, Mass. -Conn.
November 2023 median home price:$475,000
Forecasted 2024 home sales change: +9.1%
Forecasted 2024 home price change: +4.8%
Forecasted 2024 combined sales and price change: +13.9% Grand Rapids et al, Mich.
November 2023 median home price:$390,000
Forecasted 2024 home sales change: +6.1%
Forecasted 2024 home price change: +7.2%
Forecasted 2024 combined sales and price change: +13.3% Los Angeles et al, Calif.
November 2023 median home price:$1,150,000
Forecasted 2024 home sales change: +9.2%
Forecasted 2024 home price change: +3.5%
Forecasted 2024 combined sales and price change: +12.7
Ranking of the Top 100 Largest U.S.Metros | ||||||
Rank | Metro | 2024 | 2024 | 2024 | 2024 | Combined |
1 | 14.0 % | 5.2 % | 8.3 % | 43.4 % | 22.3 % | |
2 | 18.0 % | -35.1 % | 3.3 % | 43.3 % | 21.3 % | |
3 | 6.2 % | -20.6 % | 10.4 % | 66.5 % | 16.6 % | |
4 | 11.0 % | -31.7 % | 5.4 % | 58.2 % | 16.3 % | |
5 | 13.8 % | -25.2 % | 2.0 % | 53.9 % | 15.8 % | |
6 | 13.4 % | -19.8 % | 2.3 % | 53.3 % | 15.7 % | |
7 | 10.5 % | -7.0 % | 4.2 % | 48.9 % | 14.7 % | |
8 | 9.1 % | -17.2 % | 4.8 % | 61.8 % | 13.9 % | |
9 | 6.1 % | -20.5 % | 7.2 % | 72.3 % | 13.3 % | |
10 | 9.2 % | -31.9 % | 3.5 % | 45.1 % | 12.7 % | |
11 | 3.1 % | -13.5 % | 9.1 % | 59.5 % | 12.2 % | |
12 | 8.3 % | -9.4 % | 3.9 % | 55.9 % | 12.1 % | |
13 | 5.5 % | 16.2 % | 6.3 % | 61.0 % | 11.8 % | |
14 | 6.3 % | 1.7 % | 4.6 % | 66.8 % | 10.9 % | |
15 | 5.6 % | -7.6 % | 5.1 % | 41.3 % | 10.6 % | |
16 | 9.1 % | -14.1 % | 1.2 % | 44.1 % | 10.2 % | |
17 | 3.4 % | -12.7 % | 6.4 % | 65.8 % | 9.8 % | |
18 | 10.3 % | -29.9 % | -1.3 % | 40.4 % | 9.0 % | |
19 | 3.8 % | -18.2 % | 5.0 % | 76.4 % | 8.8 % | |
20 | 11.1 % | -29.9 % | -2.3 % | 50.0 % | 8.8 % | |
21 | 5.8 % | -5.3 % | 1.8 % | 52.9 % | 7.6 % | |
22 | 1.2 % | -14.0 % | 6.2 % | 42.4 % | 7.4 % | |
23 | 2.2 % | -13.2 % | 5.0 % | 62.3 % | 7.3 % | |
24 | 3.9 % | -26.6 % | 3.1 % | 56.6 % | 7.1 % | |
25 | 3.5 % | -7.4 % | 3.5 % | 53.5 % | 7.1 % | |
26 | 3.2 % | -9.0 % | 3.2 % | 37.6 % | 6.3 % | |
27 | 8.0 % | -35.2 % | -1.9 % | 61.1 % | 6.1 % | |
28 | -1.3 % | -22.5 % | 7.2 % | 49.7 % | 5.9 % | |
29 | 3.7 % | -20.7 % | 2.2 % | 71.8 % | 5.9 % | |
30 | 1.1 % | -17.9 % | 4.5 % | 55.4 % | 5.6 % | |
31 | 0.3 % | -9.3 % | 5.3 % | 45.2 % | 5.5 % | |
32 | 1.1 % | -24.7 % | 3.7 % | 45.3 % | 4.9 % | |
33 | -5.6 % | -25.8 % | 9.9 % | 52.1 % | 4.4 % | |
34 | -1.5 % | -22.7 % | 5.8 % | 73.8 % | 4.3 % | |
35 | 5.4 % | -22.2 % | -1.2 % | 34.9 % | 4.2 % | |
36 | -6.7 % | -27.5 % | 10.9 % | 49.6 % | 4.2 % | |
37 | 1.9 % | -2.3 % | 1.6 % | 44.5 % | 3.5 % | |
38 | 0.4 % | -5.7 % | 3.1 % | 37.7 % | 3.5 % | |
39 | 3.9 % | -55.8 % | -1.0 % | 55.3 % | 2.9 % | |
40 | 3.9 % | -30.4 % | -1.5 % | 40.7 % | 2.5 % | |
41 | -1.2 % | -3.9 % | 3.3 % | 55.3 % | 2.1 % | |
42 | -1.1 % | -21.1 % | 3.1 % | 38.9 % | 2.0 % | |
43 | -2.9 % | -21.4 % | 4.8 % | 49.9 % | 1.9 % | |
44 | -0.8 % | -30.8 % | 2.6 % | 39.7 % | 1.8 % | |
45 | -1.2 % | -19.7 % | 2.8 % | 40.3 % | 1.7 % | |
46 | -3.1 % | -26.4 % | 4.6 % | 38.1 % | 1.5 % | |
47 | -1.4 % | -14.3 % | 2.8 % | 48.5 % | 1.5 % | |
48 | 0.2 % | -22.1 % | 1.1 % | 35.8 % | 1.4 % | |
49 | -5.9 % | -25.7 % | 7.2 % | 93.8 % | 1.3 % | |
50 | -4.1 % | -38.4 % | 5.2 % | 59.0 % | 1.1 % | |
51 | -0.6 % | -30.4 % | 1.6 % | 50.8 % | 1.0 % | |
52 | 2.3 % | -26.1 % | -1.8 % | 63.5 % | 0.5 % | |
53 | -1.7 % | -25.3 % | 2.2 % | 53.8 % | 0.5 % | |
54 | -3.9 % | -27.1 % | 4.1 % | 55.6 % | 0.2 % | |
55 | 4.4 % | -34.7 % | -4.3 % | 63.8 % | 0.0 % | |
56 | 2.9 % | -3.2 % | -3.5 % | 67.8 % | -0.6 % | |
57 | -0.6 % | -29.1 % | -0.6 % | 41.8 % | -1.2 % | |
58 | -7.6 % | -43.9 % | 6.1 % | 82.8 % | -1.5 % | |
59 | -3.6 % | -15.1 % | 2.0 % | 65.2 % | -1.6 % | |
60 | -8.5 % | -26.9 % | 6.9 % | 43.0 % | -1.6 % | |
61 | -2.4 % | -31.7 % | -0.9 % | 35.9 % | -3.3 % | |
62 | 1.3 % | -16.7 % | -4.9 % | 67.3 % | -3.6 % | |
63 | -6.1 % | -22.5 % | 2.3 % | 75.7 % | -3.8 % | |
64 | -6.2 % | -35.9 % | 2.3 % | 41.2 % | -3.9 % | |
65 | -5.3 % | -28.7 % | 1.2 % | 85.4 % | -4.1 % | |
66 | -0.8 % | -32.9 % | -5.2 % | 19.2 % | -6.0 % | |
67 | -5.8 % | -18.1 % | -0.5 % | 59.8 % | -6.2 % | |
68 | -4.9 % | -20.3 % | -1.5 % | 32.3 % | -6.3 % | |
69 | -6.0 % | -40.8 % | -0.3 % | 44.8 % | -6.3 % | |
70 | Spokane-Spokane | 3.6 % | -64.0 % | -10.2 % | 39.7 % | -6.6 % |
71 | -3.2 % | -49.2 % | -3.4 % | 60.5 % | -6.6 % | |
72 | -3.7 % | -11.8 % | -2.9 % | 71.2 % | -6.6 % | |
73 | -3.7 % | -19.9 % | -3.1 % | 64.2 % | -6.9 % | |
74 | -8.0 % | -12.6 % | 0.3 % | 53.0 % | -7.7 % | |
75 | -10.8 % | -37.5 % | 3.0 % | 47.7 % | -7.8 % | |
76 | -9.2 % | -36.7 % | 1.1 % | 32.6 % | -8.1 % | |
77 | -11.6 % | -34.2 % | 3.3 % | 50.7 % | -8.3 % | |
78 | -5.8 % | -37.2 % | -3.7 % | 40.7 % | -9.5 % | |
79 | -13.2 % | -26.6 % | 3.7 % | 75.4 % | -9.5 % | |
80 | -13.4 % | -36.0 % | 3.8 % | 48.5 % | -9.6 % | |
81 | Urban | -8.9 % | -47.2 % | -1.9 % | 19.4 % | -10.7 % |
82 | -12.4 % | -34.8 % | 1.0 % | 61.3 % | -11.4 % | |
83 | -11.5 % | -42.5 % | -1.7 % | 54.5 % | -13.2 % | |
84 | -17.0 % | -41.2 % | 3.6 % | 70.8 % | -13.4 % | |
85 | -2.3 % | -47.1 % | -11.7 % | 13.3 % | -14.0 % | |
86 | -12.3 % | -26.4 % | -1.8 % | 50.5 % | -14.1 % | |
87 | -10.2 % | -51.7 % | -4.1 % | 50.5 % | -14.2 % | |
88 | -9.7 % | -26.7 % | -4.5 % | 33.3 % | -14.3 % | |
89 | -10.8 % | -30.0 % | -4.1 % | 33.5 % | -14.9 % | |
90 | -18.5 % | -44.1 % | 3.1 % | 37.3 % | -15.3 % | |
91 | -15.8 % | -41.0 % | 0.4 % | 63.3 % | -15.4 % | |
92 | -11.4 % | -35.0 % | -4.8 % | 51.3 % | -16.2 % | |
93 | -15.1 % | -53.1 % | -3.8 % | 57.2 % | -18.9 % | |
94 | -10.1 % | -28.9 % | -9.4 % | 27.3 % | -19.5 % | |
95 | -15.3 % | -41.8 % | -5.1 % | 35.4 % | -20.4 % | |
96 | -12.9 % | -35.3 % | -8.4 % | 31.4 % | -21.4 % | |
97 | -22.4 % | -45.6 % | -0.9 % | 58.0 % | -23.3 % | |
98 | -11.7 % | -39.7 % | -12.2 % | 29.1 % | -23.9 % | |
99 | -20.4 % | -38.6 % | -5.6 % | 17.8 % | -25.9 % | |
100 | -25.6 % | -61.3 % | -7.4 % | 23.7 % | -33.0 % | |
Methodology
Realtor.com®'s model-based forecast uses data on the housing market and overall economy to estimate values for these variables in the year ahead. These markets are then ranked by combined forecasted growth in home prices and sales. Results are calculated to two decimal places and ranked at this degree of specificity, there were no ties. For publication, results are rounded to one decimal place, and this can result in minor differences between the rounded and unrounded sums. Additional data sourced from an October 2023 survey of 5,012
About Realtor.com®
Realtor.com® is an open real estate marketplace built for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago. Today, through its website and mobile apps, Realtor.com® is a trusted guide for consumers, empowering more people to find their way home by breaking down barriers, helping them make the right connections, and creating confidence through expert insights and guidance. For professionals, Realtor.com® is a trusted partner for business growth, offering consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com®.
Media contact: press@realtor.com
View original content:https://www.prnewswire.com/news-releases/realtorcom-forecasts-the-2024-top-housing-markets-302003877.html
SOURCE realtor.com
FAQ
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