Press release
Realtor.com® Forecasts the 2024 Top Housing Markets
Toledo, Ohio, Oxnard, Calif., and Rochester, N.Y. take top spots in annual ranking Despite current market conditions, 76% of first-time home buyers think the
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[{"type":"text","content":"Toledo, Ohio, Oxnard, Calif., and Rochester, 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 possibleFirst-time home buyers looking to buy in the next year have been saving around $800/month for a little over two years on averageSANTA CLARA, Calif., Dec. 4, 2023 /PRNewswire/ -- With some affordability relief in sight next year as sale prices and mortgage rates start a slow, yet welcome decline, Realtor.com® has identified the local housing markets across the U.S. that are primed and ready for growth in its 2024 Top Housing Markets forecast. These markets are poised to see the strongest combined increase in home sales and listing prices in the coming year.\n\nMainly located in Southern California, the Northeast, and the Midwest, this year's top 10, in rank order, are Toledo, Ohio, Oxnard-Thousand Oaks-Ventura, Calif., Rochester, N.Y., San Diego-Chula Vista-Carlsbad, Calif., Riverside-San Bernardino-Ontario, Calif., Bakersfield, Calif., Springfield, Mass., Worcester, Mass.-Conn., Grand Rapids-Kentwood, Mich., and Los Angeles-Long Beach-Anaheim, Calif. (See below for the full ranking of the 100 largest U.S. markets.)\nMost of this year's Top Markets offer relative affordability compared to the national median home price – especially in the Midwest and Northeast. In California, where five of the top 10 metro areas are located, markets are forecast to rebound from a tough 2023 even as sales levels remain historically low.\nAccording to new research from Realtor.com®, even faced with the challenging homebuying landscape, almost half of first-time home buyers (49%) think buying is a better option than renting in 2024, and three-quarters (76%) think the dream of home ownership is still possible to achieve. Additionally, first-time home buyers looking to buy a home in the next 12 months have been saving for a little over two years on average. In fact, they have been putting away around $800/month and nearly all of them (95%) feel that they'll be able to afford a home within their lifetime, with 40% saying they'll be able to afford it within the next year.\nAcross 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 ri...