Among the predictions for the coming year, home listings and real-estate-data site Realtor.com expects we'll see a slow retreat in the cost of home loans and that housing affordability will improve. That's welcome news to homebuyers frustrated by several years of high mortgage rates and inflated housing prices.
Realtor.com ranked 100 regions in its 2024 National Housing Forecast and anticipates eight metro areas will break double-digit sales growth in 2024. These metros are in predominantly expensive markets in the West, which saw hefty declines in sales during 2023. The notable exception is Toledo, Ohio, which is projected to be the hottest market in 2024. As of October 2023, Toledo's median home listing price was 51.6% lower than the national median home price, according to the data.
The top markets are ranked on the combination of expected sales and price growth in 2024. While the same, singular criterion is used to identify the top markets, the factors driving them to this position differ. Therefore, the top metro list can be split out into two groups driven by distinct trends:
- Midwestern and Northeastern metropolitan areas that offer affordability in what has become a very expensive national housing market.
- Western metros which took a big hit in 2023 and are expected to bounce back as interest rates fall over the year.
Read more and see the full list here
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