The tides are turning for some of the nation’s real estate markets that weathered a tough 2023, as projections indicate a promising double-digit surge in home sales there for 2024.
According to new Realtor.com data, cities that experienced substantial declines in home sales seem poised for an impressive comeback.
The spotlight shines on specific regions — the Northeast, Midwest and pockets of California.
As for the latter, cities such as Oxnard, Riverside, Bakersfield, San Diego and Sacramento emerge prominently among those slated for substantial double-digit sales growth.
Projections indicate an average growth of 13.1% for those five metros in 2024.
Beyond the West Coast, Toledo, Ohio; Las Vegas, Nevada and Springfield, Massachusetts are also expected to experience a surge in sales activity, with double-digit jumps also in the cards there.
However, the standout star among these markets is Toledo — projected not only to witness a significant 14% growth in sales, but also surpassing pre-pandemic home sales figures.
Realtor.com’s analysts attribute the buyer surge in the Midwest and Northeast to several factors. Notably, and not surprisingly, these regions offer relatively affordable housing options compared to larger urban hubs.
Moreover, these top markets showcase a resilience to the impact of rising mortgage rates, owing in part to a higher proportion of homeowners living mortgage-free.
Toledo takes the lead with the highest percentage of homeowners owning their homes outright at 41.2%, as per recent data from the American Community Survey.
But it’s not just affordability that’s driving interest. The Midwest and Northeast also promise a higher quality of life — boasting cultural amenities, recreational opportunities and esteemed educational institutions — meaning great amenities within reach, and not paying an arm and a leg to reside near them.
Here’s the breakdown of the top 10 housing markets for 2024 and their anticipated average sales growth:
Toledo, Ohio: 14%
Oxnard-Thousand Oaks-Ventura, California: 18%
Rochester, New York: 6.2%
San Diego-Chula Vista-Carlsbad, California: 11%
Riverside-San Bernardino-Ontario, California: 13.8%
Bakersfield, California: 13.4%
Springfield, Massachusetts: 10.5%
Worcester, Massachusetts-Connecticut: 9.1%
Grand Rapids-Kentwood, Michigan: 6.1%
Los Angeles-Long Beach-Anaheim, California: 9.2%
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