A December report from real estate broker Realtor.com ranked the best U.S. cities to buy a house in 2024 based on expected price growth and sales.
The annual report analyzed the country’s 100 largest metropolitan areas and the final result is a list with half of the top metros in California.
“These markets generally fall into two camps: affordable metros in the Midwest and Northeast, and high-priced Western metros,” Hannah Jones, Realtor.com’s Senior Economic Research Analyst, told Newsweek.
The Midwest and Northeast markets on the list are expected to stay popular this year because they offer more affordable options than other places in the U.S.
“These areas promise more bang for your buck and desirable quality of life amenities,” Jones added. Though affordability is still an issue for many.
Realtor.com explains that while sales and prices are expected to increase from last year, they will remain below pre-pandemic levels.
No. 1 U.S. metro area to buy a house in 2024: Toledo
Toledo, Ohio is the best city in the U.S. to buy a house in 2024, according to Realtor.com.
Toledo, Ohio ranked as the best U.S. city to buy a house in 2024, according to realtor.com.
Photo By Mike Kline (Notkalvin) | Moment | Getty Images
The sale price of homes currently on the market is expected to climb by 14% year-over-year, while the median sale price of existing homes set to go on the market in 2024 is expected to jump by 8.3% year-over-year.
The average Toledo home value is $113,033, up 5.6% over the past year, according to Zillow,
The Ohio city is a long-time hub for the auto-manufacturing and glass industries, and is home to Jeep headquarters.
10 best U.S. metro areas to buy a house in 2024
- Toledo, OH
- Oxnard/Thousand Oaks/ Ventura, CA
- Rochester, NY
- San Diego/Chula Vista/Carlsbad, CA
- Riverside/San Bernardino/Ontario, CA
- Bakersfield, CA
- Springfield, MA
- Worcester, MA-CT
- Grand Rapid/Kentwood, MI
- Los Angeles/Long Beach/Anaheim, CA
The No. 2 best place in the U.S. to buy a house is Oxnard/Thousand Oaks/Ventura, California.
The California metropolitan area is expected to see existing home sales climb by 18% year-over-year. The median sale price of existing homes is expected to jump by 3.3%, according to the report.
The average Oxnard/Thousand Oaks/Ventura home value is $833,491, up 3.0% over the past year, according to Zillow.
Oxnard, California, ranked as the No. 2 metro area to buy a house in 2024, according to Realtor.com.
Photography By Alexandra Rudge | Moment | Getty Images
Considered part of the Greater Los Angeles metropolitan area, Oxnard, Thousand Oaks, and Ventura offer residents access to miles of uncrowded beaches and quality housing.
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Source: CNBC