Three New Jersey Housing Markets Rank Among Top in Nation
According to a recent report by Realtor.com, three housing markets in New Jersey were ranked among the 80 top real estate markets for 2024. The 2024 Top Housing Markets forecast ranked the 100 top U.S. housing markets most “primed and ready for growth.”
The report highlights markets poised to see the strongest combined increase in home sales and listing prices in the coming year. The top markets are primarily located in Southern California, the Northeast, and the Midwest. Five of the top 10 markets were in California, and two were in Massachusetts.
New Jersey Market Rankings
The following are the New Jersey markets and their rankings:
- Allentown-Bethlehem-Easton, PA-NJ market (ranked 23rd)
- New York-Newark-Jersey City, NY-NJ-PA market (ranked 75th)
- Philadelphia-Camden-Wilmington, PA-NJ-DE-MD market (ranked 80th)
Affordability Relief Expected for Buyers
The real estate company anticipates that buyers will see some affordability relief next year, with declining sales prices and mortgage rates. “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 Realtor’s Chief Economist Danielle Hale.
Even in some of the more expensive markets, double-digit sales growth is expected as sales rebound from historic lows, helped by mortgage rates which are predicted to finally relent.
Homeownership Dreams Still Alive
The study comes as Realtor’s own 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.
Realtor’s estimates were calculated using data from the housing market and overall economy. Markets were ranked by combined forecasted growth in home prices and sales.
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Orginal article: Link To Article – provided by Kansas City Realtors