Summary:
Unlock the secrets of homebuying in 2024 with this comprehensive guide.
Explore insights into the dynamic landscape of home prices, empowering you to make informed decisions for a successful real estate journey.
From rising markets to falling trends, discover the essential information you need to navigate the 2024 housing market.
Key Points:
- In-depth analysis of home prices in 2024.
- Insights into rising and falling markets.
- Your personalized guide for a successful homebuying journey.
- Decoding the dynamics of home prices in the current real estate landscape.
- Empowering you to make informed decisions in the 2024 housing market.
Last year presented challenges for the housing market, marked by a surge in mortgage rates.
Despite a pool of eager buyers, a shortage of available properties, and builders struggling to keep pace, home sales declined.
Affordability hit near-record lows, but home prices continued their ascent nationwide, rising by 1.2% in median list price and 3% in median price per square foot throughout 2023, according to data analysis.
As the Federal Reserve hints at lower interest rates in 2024, potentially leading to decreased mortgage rates, the housing market might be on the brink of a rebound.
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Location Matters:
In different parts of the country, home prices are experiencing varied trends. Some areas witness substantial increases, while others observe declines.
This information is crucial for buyers aiming to act swiftly or negotiate with sellers.
To identify the housing markets with significant changes in 2023, the data team analyzed the median monthly list price per square foot for the 250 largest U.S. metropolitan areas from December 2022 through December 2023.
The data team selected one metro per state to ensure geographic diversity.
Regional Trends:
In 2023, New England and the Upper Midwest saw consistent home price growth.
Prices per square foot surged around 11% in New Hampshire, Vermont, and Ohio, and 10% in Massachusetts, according to data analysis.
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On the other hand, the Mountain West experienced a slowdown in price growth. Although prices still increased by about 4.5%, this marked a deceleration from the roughly 14% annual price hike in 2020, 2021, and 2022, particularly in Montana and Wyoming. Price growth also slowed in Texas, nudging up only about 1% in 2023 compared to roughly 12% each year in 2020, 2021, and 2022.
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Cities with Significant Changes:
Housing Markets with the Biggest Price Increases in 2023:
| Rank | City | Median Home List Price | Median List Price Per Square Foot | YoY % Change |
|---|---|---|---|---|
| 1 | Santa Barbara, CA | $1,795,000 | $899 | 25.2% |
| 2 | Daphne, AL | $529,900 | $348 | 24.5% |
| 3 | Utica, NY | $229,000 | $145 | 23.5% |
| 4 | Atlantic City, NJ | $599,000 | $365 | 20.6% |
| 5 | Joplin, MO | $251,000 | $136 | 16.4% |
Housing Markets with the Biggest Price Decreases in 2023:
| Rank | City | Median Home List Price | Median List Price Per Square Foot | YoY % Change |
|---|---|---|---|---|
| 1 | Green Bay, WI | $424,800 | $211 | -8.7% |
| 2 | Lubbock, TX | $255,000 | $140 | -7.3% |
| 3 | South Bend, IN | $220,000 | $139 | -6.3% |
| 4 | Macon, GA | $225,000 | $120 | -4.1% |
| 5 | Billings, MT | $484,900 | $210 | -3.1% |
Median price and median price per square foot figures reflect data analysis from December 2023.
References:
- Realtor.com: Hoping To Buy a Home in 2024? Here’s Where Prices Have Been Rising—and Falling—the Most