The Hottest Housing Markets for 2024

December 7, 2023 - 6 min read

Home buying should increase in 2024

With interest rates projected to come down in 2024, home buying is expected to heat up.

But some housing markets will see more action than others. A report from Realtor.com forecasts home price and sales growth for the year for the 100 largest U.S. metro areas.

If you’re looking to purchase or sell a property, see what you can anticipate in your market for 2024.

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High growth housing markets for 2024

For home buyers and sellers alike, having a general feel for your local real estate can help you know what to expect in terms of pricing, competition and timing.

The hottest housing markets of 2024 will offer some combination of relative affordability, strong economic conditions, and/or rebound potential from 2023’s soft activity. Overall, the 100 largest metro areas project an average annual growth of 1.2% in median home price compared to a 1.7% decline for the national average. However, sales are expected to fall 2.2% versus a 0.1% rise nationwide.

“Now that we’re seeing the beginning of an affordability turnaround, home buyers are still looking for markets where they can capitalize on lower prices,” said Danielle Hale, chief economist at Realtor.com. “Even in some of the more expensive markets, we’ll see double-digit sales growth as sales start to rebound from their historic lows, helped by mortgage rates which are expected to finally relent.”

Below are the top 10 housing markets for 2024 by combined home sales and median price growth, forecasted by Realtor.com. For reference, the median home price reached $420,000 in November 2023:

10. Los Angeles, California

The Hottest Housing Markets for 2024

Forecasted 2024 combined sales and price change: 12.7%
Forecasted 2024 home sales change: 9.2%
Forecasted 2024 home price change: 3.5%
November 2023 median home price: $1,150,000

9. Grand Rapids, Michigan

The Hottest Housing Markets for 2024

Forecasted 2024 combined sales and price change: +13.3%
Forecasted 2024 home sales change: +6.1%
Forecasted 2024 home price change: +7.2%
November 2023 median home price: $390,000

8. Worcester, Massachusetts

The Hottest Housing Markets for 2024

Forecasted 2024 combined sales and price change: +13.9%
Forecasted 2024 home sales change: +9.1%
Forecasted 2024 home price change: +4.8%
November 2023 median home price: $475,000

7. Springfield, Massachusetts

The Hottest Housing Markets for 2024

Forecasted 2024 combined sales and price change: +14.7%
Forecasted 2024 home sales change: +10.5%
Forecasted 2024 home price change: +4.2%
November 2023 median home price: $350,000

6. Bakersfield, California

The Hottest Housing Markets for 2024

Forecasted 2024 combined sales and price change: +15.7%
Forecasted 2024 home sales change: +13.4%
Forecasted 2024 home price change: +2.3%
November 2023 median home price: $385,000

5. Riverside, California

The Hottest Housing Markets for 2024

Forecasted 2024 combined sales and price change: +15.8%
Forecasted 2024 home sales change: +13.8%
Forecasted 2024 home price change: +2.0%
November 2023 median home price: $585,000

4. San Diego, California

The Hottest Housing Markets for 2024

Forecasted 2024 combined sales and price change: +16.3%
Forecasted 2024 home sales change: +11.0%
Forecasted 2024 home price change: +5.4%
November 2023 median home price: $995,000

3. Rochester, New York

The Hottest Housing Markets for 2024

Forecasted 2024 combined sales and price change: +16.6%
Forecasted 2024 home sales change: +6.2%
Forecasted 2024 home price change: +10.4%
November 2023 median home price: $239,000

2. Oxnard, California

The Hottest Housing Markets for 2024

Forecasted 2024 combined sales and price change: +21.3%
Forecasted 2024 home sales change: +18.0%
Forecasted 2024 home price change: +3.3%
November 2023 median home price: $1,037,000

1. Toledo, Ohio

The Hottest Housing Markets for 2024

Forecasted 2024 combined sales and price change: +22.3%
Forecasted 2024 home sales change: +14.0%
Forecasted 2024 home price change: +8.3%
November 2023 median home price: $200,000

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2024’s cold housing markets

Conversely, not every market currently boasts the traits to make it poised for spiking sales and values in 2024.

While growth could stagnate and even recede in these places, they could offer home buyers a chance at lower competition and the opportunity to get a comparatively better deal. Many of these locales were privy to job expansion and high growth rates over the last few years.

Among the 100 largest metro areas, the table below shows the biggest drops in combined home sales and median price changes, forecasted by Realtor.com:

RankMetro areaCombined sales and price changeForecasted 2024 home sales changeForecasted 2024 home price changeNovember 2023 median home price
100Portland, Ore.-33.0%-25.6%-7.4%$603,725
99Baton Rouge, La.-25.9%-20.4%-5.6%$299,990
98Austin, Texas-23.9%-11.7%-12.2%$549,495
97Charlotte, N.C.-23.3%-22.4%-0.9%$414,945
96Dallas, Texas-21.4%-12.9%-8.4%$445,000
95Denver, Colo.-20.4%-15.3%-5.1%$625,000
94San Antonio, Texas-19.5%-10.1%-9.4%$339,900
93Ogden, Utah-18.9%-15.1%-3.8%$549,900
92Nashville, Tenn.-16.2%-11.4%-4.8%$562,500
91Atlanta, Ga.-15.4%-15.8%0.4%$419,995
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The bottom line

The housing market is primed to ramp up again in 2024 as mortgage rates are anticipated to decrease.

While this likely means amplified home buyer competition overall, some places show the conditions for prices and sales to fall. Regardless of the affordability level of where you want to buy, you can and should always shop around before locking in an interest rate and negotiate with the seller.

If you’re ready to start your journey to homeownership, talk to a local lender today.

Time to make a move? Let us find the right mortgage for you


Paul Centopani
Authored By: Paul Centopani
The Mortgage Reports Editor
Paul Centopani is a writer and editor who started covering the lending and housing markets in 2018. Previous to joining The Mortgage Reports, he was a reporter for National Mortgage News. Paul grew up in Connecticut, graduated from Binghamton University and now lives in Chicago after a decade in New York and the D.C. area.
Aleksandra Kadzielawski
Reviewed By: Aleksandra Kadzielawski
The Mortgage Reports Editor
Aleksandra is the Senior Editor at The Mortgage Reports, where she brings 10 years of experience in mortgage and real estate to help consumers discover the right path to homeownership. Aleksandra received a bachelor’s degree from DePaul University. She is also a licensed real estate agent and a member of the National Association of Realtors (NAR).