Top Real Estate Markets Expected to Rebound in 2024

The real estate market took a hit this year as home sales plummeted due to rising housing prices and mortgage rates. However, a new report from Realtor.com suggests that certain real estate markets are poised for a rebound in 2024.

According to the forecast, select markets in the Northeast, Midwest, and Southern California are expected to see growth in both sales and prices next year. These markets are seen as affordable alternatives to big urban centers, making them attractive to homebuyers.

Realtor.com ranked the largest U.S. metropolitan areas based on expected sales and price growth in 2024. Surprisingly, half of the cities in the top 10 are in California, including Los Angeles and San Diego. These markets saw a decline in sales in 2023, but with the Federal Reserve easing off rate increases and mortgage rates expected to decline, Realtor.com predicts a rebound in these areas.

The midwestern and northeastern cities that made the list are appealing to homebuyers for several reasons. Most of these cities have median housing prices below the national average and have been less impacted by high mortgage rates. Additionally, they offer a high quality of life at a lower cost, with access to major metropolitan areas and strong job markets.

The top 10 cities for expected sales and price growth in 2024, according to Realtor.com, include Toledo, Ohio; Oxnard/Thousand Oaks/Ventura, California; Rochester, New York; and San Diego/Chula Vista/Carlsbad, California, among others.

Overall, the real estate market is expected to see a shift in 2024, with certain markets rebounding and attracting homebuyers looking for affordability and quality of life. Stay tuned for more updates on the evolving real estate landscape.