Top Markets for Real Estate - 2024
by Christopher Levarek
“Not everything that can be counted counts, and not everything that counts can be counted.”
- Albert Einstein
Each year, I examine several data sources to identify the markets that are expected to grow in 2024. We are primarily targeting the residential and multifamily markets. Generally speaking, we like increasing employment, minimal unemployment, economic expansion, and population growth.
These are frequently observed as "Markets in Expansion."
Allow me to provide the data sources that I prefer to review in the beginning of the year and the data for 2024, as I do every year. Here are the top real estate markets for 2024 without further ado…
According to Realtor, TOP 10 Housing Markets for 2023 :
6. Bakersfield, CA
7. Springfield, MA
8. Worcester, MA-CT
9. Grand Rapids-Kentwood, MI
10. Los Angeles-Long Beach-Anaheim, CA
1. Toledo, Ohio
2. Oxnard-Thousand Oaks-Ventura, CA
3. Rochester, NY
4. San Diego-Chula Vista-Carlsbad, CA
5. Riverside-San Bernardino-Ontario, CA
Realtor Top 10 Housing Markets
According to UHUAL, 2023 Growth States :
States which saw the most migration from UHUAL trucks in 2023.
6. IDAHO (10)
7. WASHINGTON (23)
8. ARIZONA (7)
9. COLORADO (11)
10. VIRGINIA (5)
1.TEXAS (1)
2. FLORIDA (2)
3. NORTH CAROLINA (4)
4. SOUTH CAROLINA (3)
5. TENNESSEE (6)
Note : The number to the right of the State, indicates it’s previous position in 2022
Uhual 2022 Growth Cities
According to Urban Land Institute "Markets to Watch for 2024":
6. San Diego, CA
7. Boston, MA
8. San Antonio, TX
9. Raleigh/Durham, NC
10. Seattle, WA
1. Nashville, TN
2. Phoenix, AZ
3. Dallas/Fort Worth, TX
4. Atlanta, GA
5. Austin, TX
Emerging Trends in Real Estate - Urban Land Institute
According to IRR, TOP Multifamily Markets by Tran. Vol in 2023 :
IN FINAL
As always, my advice is to use the data to create your own conclusions on which markets are superior. Examine the similarities between the data sources. Next, decide which five are your top choices.
Investigate further with regional contacts in such areas. Concentrate on particular neighborhoods. Go into the submarkets and look at the trends.
We are already in many of these markets, and can confirm much of this data. To learn more, I invite you to join our upcoming free event how you can get started. For now, Happy Investing!