2 Massachusetts cities ranked among Realtor’s top 10 housing markets for 2024
Two Massachusetts cities have been ranked among Realtor.com’s top 10 housing markets for 2024.
With some affordability relief in sight next year, the website identified the local housing markets across the U.S. that are “primed and ready for growth in 2024.”
Most of 2024′s top markets offer relative affordability compared to the national median home price, and almost half of first-time home buyers (49%) think buying is a better option than renting in the new year, according to Realtor.
Realtor said that sales price growth is expected to outpace the national average in 2024 across the nation’s largest 100 metropolitan areas.
“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,” Realtor.com Chief Economist Danielle Hale said. “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.”
Realtor also noted that the Midwestern and Northeastern top markets are more affordable, with all of the top five markets in those areas except for Worcester showing median listing prices lower than the national average.
The top 10 housing markets for 2024 ranked as follows:
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, California: 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, New York: 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, California: 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, California: 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, California: 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, Massachusetts: 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, Massachusetts: 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, Michigan: 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, California: 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
Download the FREE Boston 25 News app for breaking news alerts.
Follow Boston 25 News on Facebook and Twitter. | Watch Boston 25 News NOW
