CITIES WHERE HOME PRICES ARE EXPECTED TO RISE (AND FALL) IN 2024
Matt Case - January 18th, 2024 - 5:06am PST
REDDING, Calif. — Homebuyers eyeing a purchase in 2024 might find their best opportunities in the southern United States, according to a recent study predicting the rise and fall of home prices across the country. Topping the list with an anticipated price increase of over seven percent is Redding, California.
The report, which analyzed housing market trends, indicates that 2024 will see significant price hikes in several cities, particularly in California. Along with Redding, two other California cities are among those expected to experience the most substantial growth. They are joined by select locations in Washington, Idaho, and Alaska, illustrating a broader trend in the Pacific and Northwestern regions.
In the Puget Sound area Bremerton and Silverdale both near the top of the list to expect price increases.
Further down the coast in Washington even Longview is set to see prices increases up to 6%
Conversely, potential homebuyers might find value in the declining prices in several southern cities. Notably, Melbourne, Tampa, and Daytona Beach in Florida, along with Atlanta, Georgia, are forecasted to see decreases in home values. This downturn presents a potential opportunity for buyers in these markets.
The study's findings suggest a shifting landscape in the U.S. housing market, with regional variations playing a significant role in the 2024 outlook. While certain areas brace for increased demand and rising prices, others may experience a cooldown, offering a window for buyers looking for more affordable options.
As the year progresses, these predicted trends will likely influence buyer decisions, prompting many to explore markets that were previously less considered. The report underscores the dynamic nature of the U.S. real estate market, where regional factors can significantly impact the value and appeal of homes.
For those planning to buy a house in 2024, the study's insights could be a crucial tool in navigating the diverse and ever-changing landscape of the American housing market.