The best markets for first-time home buyers in 2024 (2024)

FAQs

The best markets for first-time home buyers in 2024? ›

Many prospective homebuyers chose to wait things out in 2023, in the hopes that 2024 would bring a more advantageous market. But so far, with mortgage interest rates still relatively high and housing inventory stubbornly low, it looks like 2024 will remain a challenging time to buy a house.

Many prospective homebuyers chose to wait things out in 2023, in the hopes that 2024 would bring a more advantageous market. But so far, with mortgage interest rates still relatively high and housing inventory stubbornly low, it looks like 2024 will remain a challenging time to buy a house.

Analysts project 11.5% earnings growth and 5.5% revenue growth for S&P 500 companies in 2024. Fortunately, analysts see positive earnings and revenue growth for all eleven market sectors this year.

The Great Lakes region and the Midwest, specifically, are poised to lead the way in 2024. Top markets in Zillow's hottest markets of 2024 include places like Buffalo, Cincinnati, Columbus, and Providence. Expect (slightly) more choices for buyers and higher sales volume in most markets.

Best Time to Sell Your House for a Higher Price

April, June, and July are the best months to sell your house in California. The median sale price of houses in June 2023, was $796,400, which is expected to grow more in 2024. However, cities like Arcadia and San Mateo follow an upward trend throughout the year.

While it's a bummer of an answer, experts say it's unlikely consumers will see house prices drop meaningfully during 2024. Home prices will drop when a mixture of economic factors favorably collide — primarily lower interest rates and increased housing supply.

Mortgage rate predictions 2024

The MBA's forecast suggests that 30-year mortgage rates will fall into the 6.5% to 6.9% range throughout the rest of 2024, and NAR is predicting a similar trajectory. But Fannie Mae thinks rates could stay in the low 7% range this year.

In 2024, homebuyers can expect high home prices and slightly lower mortgage rates later in the year. Hopeful buyers should start preparing as early as possible by saving money and improving their credit. Look into affordable mortgage programs and down payment assistance to boost affordability.

The S&P 500 soared throughout the year and finally reached a new high in January 2024, making the new bull market official. The onset of a new bull market has historically been a very reliable stock market indicator.

What is the hottest housing market for 2024? ›

Mortgage rates are expected to come down in 2024, and inventory and home sales are likely to increase. Homebuyers and sellers can also expect prices to continue to rise, albeit at a slower clip than the past couple of years.

If your credit score is strong, your employment is stable and you have enough savings to cover a down payment and closing costs, buying now might still be smart. If your personal finances are not ideal at the moment, or if home values in your area are on the decline, it might be better to wait.

Here's how each month of the year ranked for the best time to sell a house. The highest-earning months are, in ranking order, May, June, April and March. Just over 18 million purchase transactions took place during this period, according to ATTOM.

Outlook: 2024 is a good year, but you should ensure that you take good care of your health and emotional well-being. Advice: Maintain an active lifestyle and avoid ignoring your health. Oftentimes in life, what is easy to do is not worth it.

So, when will mortgage rates go down? Experts from Fannie Mae and the MBA predict a gradual decrease by the end of 2025. Forecasts indicate that 30-year mortgage rates, currently around 7.1%, might drop to 6.6% by the end of 2024, and further down to 5.9% by the end of 2025.

Especially in California

RenoFi projects that by 2030, for example, San Francisco will have the highest average home value in the country, at a whopping $2,612,484. Two other California cities, San Jose and Oakland, expect to price out at $2,251,703 and $1,713,554, respectively.

Ohio Housing Market Conditions

The current real estate market conditions in Ohio are becoming favorable for home buyers. Here's how: Lower Mortgage Rates: The interest rates for home loans have decreased to 7.05%, marking a decline from approximately 8% in the preceding year of 2023.