6 Cities Where the Housing Market Is Blowing Up
Several American cities have a growing housing market. Many are purchasing homes in these areas for various reasons, whether it's to relocate to a popular, trendy neighborhood or to find affordable housing options. 2024 Housing market predictions have not been a positive for buyers.
However, the housing boom in some U.S. regions has led to home sales and price changes. Check out these six cities where the 2024 housing market is exploding.
1. Bakersfield, California
Bakersfield has a booming housing market, and the housing market predictions 2024 for Bakersfield, California has been positive for sellers. Prospective homebuyers from regions within California (i.e., Los Angeles and San Francisco) and outside the state (i.e., Dallas and New York City) have shown interest in moving to Bakersfield.
Many want to settle there because the city's home prices are more affordable than the prices of other California cities. Bakersfield is also near beaches and hiking trails, so the city is ideal for families who like fun outdoor activities.
There has been so much interest that many deem Bakersfield a seller's market—the number of prospective homebuyers is more than the number of homes up for sale. The median sale price in December 2023 for residential properties in Bakersfield was $385,000.
Experts predict that home sales growth for Bakersfield will be 13.4% in 2024. They also expect the 2024 home price growth for the city will be 2.3%.
2. Los Angeles, California
The housing industry in LA is bustling, with a 16% less expensive cost of living than other cities such as the San Francisco housing market. There are several popular LA neighborhoods people want to settle in, such as Brentwood and Highland Park.
Brentwood has a low population density compared to many other neighborhoods in LA, so potential homebuyers flock there to access homes with plenty of acres. Buyers express interest in Highland Park because it boasts home prices that are much cheaper than those found in other trendy LA communities.
LA has a balanced market, meaning the demand for homes and the availability of for-sale residential properties is almost the same. In December 2023, the median sale price for homes in LA was $959,000. The housing market predictions 2024 expects a home sales growth of 9.2%, and its anticipated home price growth is 3.5%.
3. San Diego, California
A competitive area is the San Diego housing market. One of the main reasons prospective homebuyers from across the country want to move to this city is that it has a desirable job market. San Diego's unemployment rate is less than the state average, and its average wages are more than the country's average.
Influential and innovative companies within multiple industries, such as healthcare and technology, have offices in San Diego. For buyers looking for a city with ample employment opportunities, San Diego is likely at or near the top of their list.
You will find the San Diego housing market is positive for sellers. Typically, homes in this city sell for an amount that is the same or close to the asking price. Houses in San Diego had a median sale price of $875,000 in December 2023. People believe the city will achieve an 11% home sales growth in 2024. They also expect it to have a 2024 home price growth of 5.4%.
4. Springfield, Massachusetts
Springfield has become a hot spot for potential homebuyers. Many homeowners in this city sell in less than 35 days after placing their homes on the market, and housing market predictions aren't expected to change this year.
Springfield is attractive to homebuyers because it is a quiet, family-friendly suburb cheaper than other metropolitan cities in Massachusetts, such as the Boston housing market. It also has a beautiful landscape filled with waterways and greenery.
Springfield has a seller's market. The average home sells for 1-2% above the asking price. For December 2023, this city had a median home price of $278,500. Its forecasted home sales growth for 2024 is 10.5%, and its forecasted home price growth for the same year is 4.2%.
5. Worcester, Massachusetts
The Worcester housing market has been receiving a substantial amount of attention these past few years. Many homeowners in this city receive an average of six offers after placing their properties up for sale. Homebuyers from big cities such as NYC, LA, and Detroit have expressed interest in relocating to Worcester.
The city has several elements that make it appealing to homebuyers. One of these elements is its top-tier public education system, which many laud for its low high school dropout rate and small student-to-teacher ratio. Another element is its enticing job market. Companies from diverse industries, including manufacturing, insurance, and biotechnology, are in this city.
Worcester also appeals to homebuyers because it has family-friendly venues, including Elm Park, the Worcester Art Museum, the Salisbury Mansion, and the EcoTarium.
Prepare to experience a seller's market in Worcester. The city had a median sale price of $400,000 in December 2023, and many homeowners sold houses for amounts about the same as their list price. Many expect a 9.1% increase in home sales and a 4.8% increase in home prices for 2024.
Grand Rapids, Michigan
The housing market in Grand Rapids has been making waves recently. The city is affordable, having a cost of living below the national average. Plenty of employment opportunities are in this city, considering it is home to several grocery, manufacturing, and pharmaceutical companies. Grand Rapids is one of the nation's greenest cities, so it works well for families prioritizing sustainable practices and eco-friendly living. If you and your family like participating in fun outdoor activities, you will be glad to know that this city has over 75 parks. Also, it sits near the beaches of Lake Michigan.
You will encounter a seller's market in Grand Rapids. Many homeowners in this city have completed sales in less than 20 days of putting their properties up for sale. The median sale price in December 2023 for homes in this city was $265,000. The home sales growth for Grand Rapids will likely be 6.1% in 2024, and the home price growth for the same year will likely be 7.2%.
In conclusion, several American cities are experiencing housing market growth. These cities have become hot spots for homebuyers for a variety of reasons. Many are relocating to them for better employment. Others want a more cost-effective area to raise their families. It will be interesting to see how these markets evolve in the future.