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Providence-Warwick Area Ranks High in Real Estate Markets for 2024

Realtor.com recently released its 2024 Top Housing Markets forecast, and the Providence-Warwick area secured the 24th position among the top real estate markets in the U.S. This ranking highlights the markets that are “primed and ready for growth” and are expected to see the most substantial combined increase in home sales and listing prices in the coming year.

Providence-Warwick Area Market Statistics

According to the report, the Providence-Warwick area market has the following statistics:

  • 2024 Existing Home Sale Counts Year Over Year: 3.9%
  • 2024 Existing Home Sale Counts vs. 2017-19 Average: -26.6%
  • 2024 Existing Home Median Sale Price Year-Over-Year: 3.1%
  • Combined 2024 Existing Home Sales and Price Growth: 7.1%

Top Markets: Southern California, Northeast, and Midwest

Many of the top markets in the 2024 forecast are located in southern California, the Northeast, and the Midwest. Out of the top 10 markets, five are in California, and two are in Massachusetts. The complete top 10 list includes:

  1. Toledo, Ohio
  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-Conn.
  9. Grand Rapids-Kentwood, MI
  10. Los Angeles-Long Beach-Anaheim, CA

Affordability Relief Expected for Buyers

Realtor.com predicts that home buyers will experience some affordability relief in the coming year, with declining sales prices and mortgage rates. The Chief Economist of Realtor.com, Danielle Hale, said, “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.”

More Affordable Markets

Most of the top markets in the 2024 forecast are relatively affordable compared to the national median home price. Realtor.com researchers found that nearly half of first-time buyers think buying is better than renting. Even with inflationary concerns this year, about three-quarters believe the dream of homeownership is still possible, and nearly 40% of first-time home buyers feel they’ll be able to afford a home within the next year.

Methodology and Data Sources

The estimates provided by Realtor.com were calculated using data from the housing market and overall economy. Markets were ranked by combined forecasted growth in home prices and sales. The study aims to provide valuable information for potential home buyers and sellers in the coming years.

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