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Two Massachusetts Metro Areas Among Top Housing Markets for 2024

Real estate market growth

According to a recent report, two Massachusetts cities, Springfield and Worcester, have been named among the top 10 housing markets for 2024. The real estate markets in these metropolitan areas are expected to grow rapidly in the coming year, making them prime locations for potential homebuyers and investors.

Worcester’s Impressive Growth

Worcester’s housing market is predicted to experience a significant growth of 9.1% in 2024, with median home values increasing by 4.8%. Despite slightly underperforming compared to initial expectations, Worcester remains one of the hottest markets in the country. The city also ranked 20th in the Fall 2023 Wall Street Journal/ Emerging Housing Markets Index.

One of the factors contributing to Worcester’s success is its affordability, as it is 41.8% less expensive than Boston. This makes it an attractive option for those looking to buy a home in Massachusetts without breaking the bank.

Springfield’s Promising Prospects

Springfield is also anticipated to experience substantial growth, with a 10.5% increase in its housing market and a 4.2% rise in median prices. As with Worcester, affordability plays a role in Springfield’s appeal, making it an attractive option for potential homebuyers.

National Housing Market Trends

At the national level, housing affordability is expected to improve as mortgage rates ease and housing prices dip. Although nationwide home sales are predicted to edge just slightly higher, some markets across the country are projected to fare differently. The top 10 housing markets for 2024 mainly consist of metropolitan areas in the Midwest and Northeast, which offer affordability compared to the expensive national housing market, as well as Western metros that are expected to bounce back as interest rates fall over the year.

Top 10 Housing Markets for 2024

  1. Toledo, OH
  2. Oxnard-Thousand Oaks-Ventura, CA
  3. Rochester, NY
  4. San Diego-Chula Vista-Carlsbad, CA
  5. Riverside-San Bernardino-Ontario, CA
  6. Bakersfield, CA
  7. Springfield, MA
  8. Worcester, MA-CT
  9. Grand Rapids-Kentwood, MI
  10. Los Angeles-Long Beach-Anaheim, CA

For those considering purchasing a home or investing in real estate, it is essential to keep an eye on these emerging markets. As the housing market continues to shift, staying informed about market trends and potential hotspots will enable you to make the best decisions for your future investments.

Orginal article: Link To Article – provided by Kansas City Realtors