As overall market predictions have begun to roll in for the impending new year, Realtor.com is taking a look at which particular areas of the country are likely to remain red hot in an otherwise cooler market. And spoiler alert: half of them are said to be in Southern California.
According to its latest report, many SoCal markets are expected to rebound in 2024. As mortgage rates are predicted to fall in the year ahead, it will bring more buyers into the market who are expected to bid up prices.
The wild card in these top market predictions is mortgage rates. If rates shoot back up again or refuse to retreat to the mid-6 percent range, many California markets might not see the price and sales growth that Realtor.com has anticipated.
So who’s looking hot for the new year? Oxnard, San Diego, Riverside, Bakersfield and Los Angeles!
In L.A., which has been seeing the start of a rebound as of late, Realtor.com anticipates more buyers will jump into the market and the bidding wars will ratchet up as mortgage rates ease.
Elsewhere in the report, Toledo, Rochester and Springfield, Massachusetts are all expected to see residential sales flourish in the new year. You can see the full report here.