The National Association of Realtors (NAR) expects these cities to see above-average demand for homes in 2024 and beyond.
- A NAR economist summed up the 2024 market: “The demand for housing will recover from falling mortgage rates and rising income. In addition, housing inventory is expected to rise by around 30% as more sellers begin to list after delaying selling over the past two years. The selected top 10 U.S. markets will experience faster recovery in home sales.”
- Nationally NAR forecasts:
- 13.5% sales growth in 2024 and modest (0.9%) price growth, supported by four Federal Reserve rate cuts driving mortgage rates down to an average 6.3%.
- 1.48 million housing starts, including 1.04 million single-family and 440,000 multifamily.
- Deceleration in rent growth and continued low foreclosure rates.
Read the full report.
