For prospective homebuyers seeking locations with a promising return on investment, the ConsumerAffairs research team analyzed data across 477 U.S. metropolitan areas and all states. Using factors like market stability, long-term growth, affordability, and market fluidity, this guide highlights housing markets expected to perform well in 2024.
The Best States for Homebuyers in 2024
ConsumerAffairs’ analysis ranks states with strong market resilience, potential for value appreciation, and affordability. The top states identified reflect a combination of favorable home price trends and affordability, making them appealing for both long-term homeowners and investors.
Top Cities With Strong Housing Markets in 2024
Data from sources like the U.S. Census Bureau, Zillow, and Redfin show metro areas with balanced housing markets. Key metrics include five-year home price trends, median sale prices relative to income, and median days homes spend on the market.
Top-ranked cities include:
- Pottsville, Pennsylvania: Pottsville stands out for a 70.6% increase in home values over the past five years, with an affordability ratio that keeps housing accessible while driving growth.
- Rockford, Illinois: Known for a balance of affordability and growth, Rockford has shown recent price increases, coupled with a favorable price-to-income ratio.
- Binghamton, New York: Combining stability with steady price growth, Binghamton also maintains affordability, making it appealing to buyers focused on value and longevity.
Other cities like Syracuse, New York; Bay City, Michigan; and Auburn, New York also rank high in ConsumerAffairs’ research, reflecting moderate home prices with stable five-year growth rates. Cities such as Jamestown, New York, and Portsmouth, Ohio, feature low price-to-income ratios, along with shorter median days on the market, which points to favorable market fluidity for buyers and investors alike.
What This Means for Buyers
The 2024 housing market data highlights the importance of considering market stability, affordability, and growth potential when choosing where to buy a home. By selecting cities with strong stability and affordability indicators, homebuyers can make informed choices with potential for both market resilience and value appreciation over time.
Click here for more on ConsumerAffairs’ study on the nation’s top housing markets.
The post Ranking the Top States and Cities for Homebuyers first appeared on The MortgagePoint.
