Top 10 Real Estate Markets Poised for High Housing Demand in 2024
The National Association of Realtors (NAR) has meticulously identified ten real estate markets anticipated to shine in 2024, boasting the highest pent-up housing demand. These markets are expected to outperform their metropolitan counterparts. Without further ado, here are the chosen markets, listed in order of projected performance:
Austin-Round Rock-Georgetown, Texas
Dallas-Fort Worth-Arlington, Texas
Dayton-Kettering, Ohio
Durham-Chapel Hill, North Carolina
Harrisburg-Carlisle, Pennsylvania
Houston-The Woodlands-Sugar Land, Texas
Nashville-Davidson-Murfreesboro-Franklin, Tennessee
Philadelphia-Camden-Wilmington, Pennsylvania-New Jersey-Delaware-Maryland
Portland-South Portland, Maine
Washington-Arlington-Alexandria, D.C.-Virginia-Maryland-West Virginia
Lawrence Yun, NAR's Chief Economist, sheds light on the factors driving these predictions: "The demand for housing will recover from falling mortgage rates and rising income." Additionally, an expected 30% surge in housing inventory is foreseen as more sellers, who had postponed listing their properties over the past two years, re-enter the market. These selected top-tier markets are poised for a more rapid recovery in home sales.
NAR's meticulous selection process involved a scrutiny of these markets against national benchmarks across various economic indicators. These indicators include a higher proportion of "returning" buyers, lower home price appreciation, increased affordability for renters transitioning to homeownership, a rise in potential sellers, a notable decrease in remote workers, availability of affordable listings for first-time buyers, robust job growth, accelerated income growth, an influx of high-earning millennial renters, and a lower violent crime rate.
As we venture into 2024, these real estate markets stand out as promising hubs, offering an array of favorable conditions for both buyers and sellers. Stay tuned for an exciting year ahead in the dynamic world of real estate.