SoCal Dominates Top 10 Real Estate Markets of 2024 Predictions
As the new year approaches, overall market predictions have begun to emerge, with Realtor.com focusing on specific areas of the country likely to remain hot in an otherwise cooling market. Spoiler alert: half of these areas are in Southern California.
SoCal Markets Expected to Rebound in 2024
According to Realtor.com’s latest report, many Southern California markets are anticipated to rebound in 2024. With mortgage rates predicted to fall in the coming year, more buyers are expected to enter the market, driving up prices. The top markets predicted to see significant growth include Oxnard, San Diego, Riverside, Bakersfield, and Los Angeles.
The Wild Card: Mortgage Rates
The uncertainty in these top market predictions lies in mortgage rates. If rates unexpectedly increase or fail to drop to the mid-6 percent range, many California markets may not experience the anticipated price and sales growth.
Los Angeles: A Market to Watch
In Los Angeles, which has recently started to rebound, Realtor.com expects more buyers to enter the market and bidding wars to intensify as mortgage rates ease. This could make the city an attractive option for real estate investment in 2024.
Other Markets Expected to Flourish
Beyond Southern California, the report also predicts that Toledo, Rochester, and Springfield, Massachusetts, will see residential sales thrive in the new year. To view the full report, click here.
As the real estate market continues to evolve, it’s essential for buyers, sellers, and investors to stay informed about market trends and predictions. By keeping an eye on hot markets like Southern California and other emerging areas, you can make well-informed decisions about your real estate investments in 2024 and beyond.
Orginal article: Link To Article – provided by Kansas City Realtors
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