Michigan Metro Named Among The Best 2024 Housing Markets
Realtor.com has published their Top Housing Markets for 2024 list and a Michigan metro is listed in the top 10. In fact, its the only neighborhood in the state to be named, and one of just two in all of the Midwest.
Overall, the projection is for home prices to decrease a bit, especially as mortgage rates improve. This would certainly be significant in helping the market to become more favorable and bouncing back. “Sales growth is the main propellant for top housing markets in 2024, with price growth also contributing, but generally to a lesser degree,” Realtor.com states.
2024 U.S. Housing Market Overview
Using sales growth as a key indicator, Realtor.com analyzed various data points. As a result, this effort enabled them to determine the top 10 areas that are likely to be top housing markets in 2024.
“Eight metros are predicted to break double-digit sales growth in 2024, and they are predominantly expensive markets in the West which saw large sales declines in 2023,” Realtor.com continued.
Grand Rapids-Kentwood Ranked #9
The second biggest city in Michigan faired quite well in the “2024 Existing Home Sale Counts Year-over-Year” housing category. They have a projected increase of 6.1%. Much of this has to do with affordability, of course. The average sale price, according to Redfin, is 268,000. Furthermore, having a secure job market and the positive quality of life attributes of the Grand Rapids – Kentwood area also factored into the positive outlook here.
Recently, Rocket Homes detailed that the most common house of the market in Grand Rapids is a three-bedroom. In total, 255 homes were sold in the city last month. Of those, 120 (47%) were for over-asking price.
If you are thinking of moving out west, Realtor.com explained that four out of the top six 2024 housing markets are in California. Oxnard and San Diego both produced very favorable forecasts. Some of the remaining states and metro within the top 10 include Rochester, New York and Springfield, Massachusetts. Toledo, Ohio, ranked as the number one housing market for 2024. Home sale counts are expected to increase by 14% in Toledo.