The National Association of Realtors has released its 2024 market predictions—and with it, a nice bump in home sales. According to NAR, Chief Economist Lawrence Yun forecasts that 4.71 million existing homes will be sold next year, and Austin will be the top real estate market to watch in 2024 and beyond.
Yun predicts home sales will begin to rise next year by 13.5 percent compared to 2023, and the median home price will reach $389,500—an increase of 0.9 percent from this year. Yun also foresees 1.48 million housing starts in 2024, including 1.04 million single-family and 440,000 multifamily.
“Metro markets in southern states will likely outperform others due to faster job increases, while markets in the Midwest will experience gains from being in the most affordable region,” Yum added.
While no California cities made the top 10 hot markets for 2024, this list includes:
- Austin-Round Rock-Georgetown, Texas
- Dallas-Fort Worth-Arlington, Texas
- Dayton-Kettering, Ohio
- Durham-Chapel Hill, North Carolina
- Harrisburg-Carlisle, Pennsylvania
- Houston-The Woodlands-Sugar Land, Texas
- Nashville-Davidson-Murfreesboro-Franklin, Tennessee
- Philadelphia-Camden-Wilmington, Pennsylvania-New Jersey-Delaware-Maryland
- Portland-South Portland, Maine
- Washington-Arlington-Alexandria, D.C.-Virginia-Maryland-West Virginia