In this article, we will be navigating through the 25 fastest-growing real estate markets in the US. If you wish to skip our detailed analysis, you can move directly to the 5 Fastest Growing Real Estate Markets in the US.
Real Estate Overview and Trends in Growing Real Estate Markets
Homebuyers remained subjected to unfavorable real estate conditions during 2023. As mortgage rates climbed, home prices soared. Home inventory levels were historically low which further reduced the probability of finding a new home. Existing homeowners were reluctant to sell their houses since they had to pay a higher mortgage on a new home. The demoralizing housing scenario in the United States left many Americans including first-time home buyers deprived of the ability to purchase a new home. Some of the expensive housing markets during 2023 have also been covered.
Despite challenges, 2024 seems to mark a recovery for the US housing market. Mortgage rates are easing which has improved the confidence of both builders and buyers. Certain real estate markets in the country have been forecasted to rapidly grow and rebound in 2024. While falling mortgage rates are expected to drive growth in western metros, affordability will be the driving factor for midwestern and northeastern metros. Growth in sales is the main indicator of the overall market progress. As reported by Realtor, double-digit sales growth in 2024 has been projected for metros which tend to be expensive markets in the West. Some of…
