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It’s no secret that the national real estate market experienced a bit of a cooldown in 2022. According to a report from the NAR, sales slowed from 6.1 million in 2021 to 4.43 million in 2022. The report also looked at some of the hottest real estate markets in 2024.
Because much of the national market has slowed, that does not mean there are no markets to watch. This two-part post will look at the hottest markets for 2024.
The Hottest Real Estate Markets in 2024
Atlanta-Sandy Springs-Marietta, Georgia
The Atlanta metro area has potential for several reasons. Housing prices are affordable for a major city, with median prices at $400,000 in November 2022. The job market is also strong, with the area seeing 5.4% growth in 2022. Atlanta is also home to offices for several large corporations. It is one of several factors causing people to migrate to Atlanta from all over the US.
Raleigh, North Carolina
Median home prices are slightly higher in Raleigh than in Atlanta, but there is much to like about this market. As a start, the job market has a lot to offer. According to the Bureau of Labor Statistics, the area saw 5.1% job growth. It is also becoming a hotspot for tech and STEM. The rapid increase in STEM and tech jobs brings many new homebuyers to the Raleigh area.
Dallas-Fort Worth-Arlington, Texas
Dallas to Fort Worth and Arlington is another region benefiting from an emerging tech scene. The area is becoming a magnet for startups. The housing prices are also reasonable. The median price in Dallas is a little over $400,000. However, the prices are more affordable in Fort Worth and Arlington. Dallas-Fort Worth also saw a 6.7% growth in the job market from August 2021 to August 2022.
Fayetteville-Springdale-Rogers, Arkansas/Missouri
Affordability is one of the top reasons this market will be hot in 2024. Just looking at Springdale, the median price is under $300,000. Along with that, it is another area attracting many tech startups. The job market is also experiencing solid growth at 4.6%. Many of the area’s renters can also afford to become homeowners.
Greenville-Anderson-Mauldin, South Carolina
The Greenville, Anderson, and Mauldin area is a market to keep your eye on in 2024. The job market saw strong growth, increasing by over 5% in 2022.
Buyers and sellers can also expect affordable housing in the area. The median price in Greenville is a little over $350,000.
Median prices are even lower in Anderson at about $250,000.
These are five of the hottest markets to watch in 2024. Click this link to see the next five in this two-part post.
Do you want to learn more about real estate trends? Click here for more posts from our blog. You can also click this link to reach out to our team.
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