The real estate market has experienced ups and downs across the country. The inconsistency is partly due to increasingly high mortgage rates and a low supply of properties. Homebuyers in 2024 will need to be more informed than ever. They will not only have to understand general trends but also local markets, which can differ significantly from national markets.
GOBankingRates asked real estate agents across the country which states would be the best for buying real estate next year. Here are the states they pointed out:
Texas
The Lone Star State appears with two bustling cities standing out.
With a thriving job market and no state income tax, it’s no surprise that many people are migrating to cities like Austin and Dallas. Texas continues to experience population growth driven by job opportunities and a business-friendly environment. Austin and Dallas are thriving, becoming attractive cities for real estate investment.
Florida and North Carolina
There is also strong growth potential in Florida and North Carolina, thanks to their rapidly growing populations and diverse economies. These states offer a variety of real estate options, from upscale waterfront properties to affordable housing in emerging neighborhoods. Cities like Raleigh and Charlotte are undergoing urban development, making them potential areas for real estate investment.
Colorado
Colorado’s growth is supported by a diverse economy, encompassing thriving industries such as technology and renewable energy, which not only attract skilled professionals but also drive demand for housing. Colorado’s commitment to sustainable living and its captivating landscapes further elevate its appeal in the real estate market.
Nevada
One of the best states to buy real estate, according to real estate agents, in 2024 will be Nevada, thanks to the absence of state income tax and relatively low cost of living. The most well-known city, Las Vegas, for example, has seen a steady increase in the overall population in recent years, with many moving from more expensive neighboring states. Major sports teams (NFL, NHL, and now MLB) have also found their new home in the state of Nevada. The real estate market is also booming in Nevada, with the average sale price around $435,000, slightly above the average home price in the third quarter in the United States, which was $431,000. Since the beginning of 2023, the average home price in Nevada has remained above $400,000. The state of Nevada also offers a wide variety of lifestyles – from desert living in Las Vegas to seasonal living by the lake, with hot summers and snowy winters at Lake Tahoe.
West Virginia
West Virginia tops the list as the most affordable option, with typical single-family homes costing just $158,172. This is less than half the national average. Idaho, Utah, Texas, and Alabama also offer homes well below $200,000.
Source: Yahoo Finance