Per the Q4 2024 Veros Real Estate Solutions (Veros®) VeroFORECAST, the 2023 housing market challenges are expected to persist into 2024, characterized by low supply and unaffordability. Veros predicts a 2.4% increase in nationwide home prices over the next 12 months.
Despite a potential decrease in interest rates, the overall affordability of homes remains a concern. The market experiences sustained demand from millennials and first-time buyers, particularly in affordable destinations in the northeast and Midwest regions. The top-performing markets include Rochester, NY, Akron, OH, and Allentown-Bethlehem-Easton, PA-NJ. Formerly struggling areas like San Francisco, San Jose, and Seattle show signs of recovery, while some cities in Texas, Utah, Idaho, Louisiana, and Nevada are among the least-performing markets.
The VeroFORECAST methodology analyzes data from 312 Metropolitan Statistical Areas, providing a comprehensive overview of the real estate market.
Click here to read the entire forecast.
