10 Fastest Growing Real Estate Markets in the US
Despite the real estate challenges faced by homebuyers in 2023, 2024 appears to mark a recovery for the US housing market. Falling mortgage rates boost confidence for builders and buyers. Western metros anticipate growth due to lower mortgage rates, while midwestern and northeastern metros focus on affordability. Double-digit sales growth is projected for expensive markets like Oxnard, Las Vegas, San Diego, and Sacramento.
Meanwhile, affordable midwestern and northeastern metros offer lower prices and better living standards. Homebuilders like LGI Homes, KB Home, and Lennar Corporation contribute to new construction, catering to diverse buyer needs.
These 10 fastest-growing real estate markets in the US are based on combined home sales and price growth, revealing promising opportunities for growth and investment in 2024.
10. Los Angeles-Long Beach-Anaheim
Forecasted Growth in Home Sales: 9.2%
Forecasted Growth in Home Prices: 3.5%
Combined Home Sales and Price Growth: 12.7%
Los Angeles-Long Beach-Anaheim ranks as a rapidly growing US housing market. The year-over-year growth in existing home sales for the metro was forecasted at 9.2%. The median sale price is also expected to grow by 3.5% year-over-year.
9. Grand Rapids-Kentwood
Forecasted Growth in Home Sales: 6.1%
Forecasted Growth in Home Prices: 7.2%
Combined Home Sales and Price Growth: 13.3%
The year-over-year growth in existing home sales for Grand Rapids-Kentwood was forecasted at 6.1%. The median sale price is also expected to grow by 7.2% year-over-year. Hence, the metro is a growing real estate market in the US.
8. Worcester
Forecasted Growth in Home Sales: 9.1%
Forecasted Growth in Home Prices: 4.8%
Combined Home Sales and Price Growth: 13.9%
Worcester ranks as a rapidly growing US housing market. The year-over-year growth in existing home sales for the metro was forecasted at 9.1%. The median sale price is also expected to grow by 4.8% year-over-year.
7. Springfield
Forecasted Growth in Home Sales: 10.5%
Forecasted Growth in Home Prices: 4.2%
Combined Home Sales and Price Growth: 14.7%
The year-over-year growth in existing home sales for Springfield was forecasted at 10.5%. The median sale price is also expected to grow by 4.2% year-over-year. Hence, Springfield is a growing real estate market in the US.
6. Bakersfield
Forecasted Growth in Home Sales: 13.4%
Forecasted Growth in Home Prices: 2.3%
Combined Home Sales and Price Growth: 15.7%
Bakersfield ranks as a rapidly growing US housing market. The year-over-year growth in existing home sales for the metro was forecasted at 13.4%. The median sale price is also expected to grow by 2.3% year-over-year.
5. Riverside-San Bernardino-Ontario
Forecasted Growth in Home Sales: 13.8%
Forecasted Growth in Home Prices: 2.0%
Combined Home Sales and Price Growth: 15.8%
The year-over-year growth in existing home sales for Riverside-San Bernardino-Ontario was forecasted at 13.8%. The median sale price is also expected to grow by 2.0% year-over-year. Hence, the metro ranks as a rapidly growing real estate market in the US
4. San Diego-Chula Vista-Carlsbad
Forecasted Growth in Home Sales: 11.0%
Forecasted Growth in Home Prices: 5.4%
Combined Home Sales and Price Growth: 16.3%
San Diego-Chula Vista-Carlsbad ranks as one of the fastest-growing housing markets in the US. The year-over-year growth in existing home sales for the metro was forecasted at 11.0%. The median sale price is also expected to grow by 5.4% year-over-year.
3. Rochester
Forecasted Growth in Home Sales: 6.2%
Forecasted Growth in Home Prices: 10.4%
Combined Home Sales and Price Growth: 16.6%
The year-over-year growth in existing home sales in Rochester was forecasted at 6.2% thereby ranking it as one of the fastest growing US housing markets. The median sale price is also expected to grow by 10.4% year-over-year.
2. Oxnard-Thousand Oaks-Ventura
Forecasted Growth in Home Sales: 18.0%
Forecasted Growth in Home Prices: 3.3%
Combined Home Sales and Price Growth: 21.3%
Oxnard-Thousand Oaks-Ventura ranks as another rapidly growing real estate market in the US. The year-over-year growth in existing home sales for the metro was forecasted at 18.0%. The median sale price is also expected to grow by 3.3% year-over-year.
1. Toledo
Forecasted Growth in Home Sales: 14.0%
Forecasted Growth in Home Prices: 8.3%
Combined Home Sales and Price Growth: 22.3%
Toledo ranks on the top of the 25 fastest-growing real estate markets in the US. The year-over-year growth in existing home sales for the metro was forecasted at 14.0%. The median sale price is also expected to grow by 8.3% year-over-year.