As we navigate through 2024, the real estate market shows significant variance across the United States, making it essential for buyers, investors, and realtors to be aware of the best real estate markets of 2024. A recent study conducted by WalletHub examined 300 cities, evaluating them on 17 key indicators to assess their housing-market attractiveness and economic strength. In this article, we'll dive into the top 20 real estate markets, discussing their scores, strengths, and unique features that make them appealing to potential homeowners and investors alike.
Key Takeaways
- Top Markets: McKinney, TX; Frisco, TX; Cary, NC
- Analysis Method: WalletHub compared cities based on various metrics such as median home-price appreciation and job growth.
- Criteria for Ranking: Focused on affordability, market health, and economic outlook.
Understanding the Ranking
Before we delve into the top 20 cities, it’s important to understand how these rankings were derived. WalletHub's study ranked cities based on a comprehensive analysis of factors, including:
- Median Home-Price Appreciation: Tracking the value growth of residential properties.
- Housing Affordability: Assessing the financial feasibility of homeownership.
- Job Growth: Evaluating employment opportunities in the area.
- Quality of Life Indicators: Considering amenities, crime rates, and educational facilities.
Cassandra Happe, a WalletHub analyst, notes that “current home prices are extremely important, but there’s much more to look at when determining the health of a city’s real estate market.”
Ranking by City Size
The study also categorized rankings by the size of cities, detailing the top real estate markets for large, midsize, and small cities:
Top 3 Large Cities
Top 3 Midsize Cities
- McKinney, TX (Score: 74.09)
- Frisco, TX (Score: 73.03)
- Cary, NC (Score: 70.52)
Top 3 Small Cities
- Denton, TX (Score: 67.53)
- Allen, TX (Score: 67.29)
- Surprise, AZ (Score: 65.95)
The Top 20 Real Estate Markets of 2024
Here are the top 20 real estate markets ranked by WalletHub for 2024, where we’ll take a closer look at each market's score and unique strengths:
1. McKinney, TX (Score: 74.09)
- Real Estate Market Rank: 1
- Affordability & Economic Environment Rank: 3
- Highlights: McKinney is known for its vibrant community and strong job market, along with affordable housing options.
2. Frisco, TX (Score: 73.03)
- Real Estate Market Rank: 2
- Affordability & Economic Environment Rank: 1
- Highlights: Frisco combines excellent infrastructure with economic stability, making it attractive for families and professionals.
3. Cary, NC (Score: 70.52)
- Real Estate Market Rank: 4
- Affordability & Economic Environment Rank: 5
- Highlights: Known for its strong schools and quality of life, Cary offers both affordable living and a burgeoning job market.
4. Nashville, TN (Score: 69.79)
- Real Estate Market Rank: 3
- Affordability & Economic Environment Rank: 97
- Highlights: A cultural hub, Nashville is not just about music; it boasts significant job growth and increasing property values.
5. Durham, NC (Score: 68.99)
- Real Estate Market Rank: 5
- Affordability & Economic Environment Rank: 33
- Highlights: Home to Duke University, Durham is known for its strong research economy and diverse community.
6. Gilbert, AZ (Score: 68.88)
- Real Estate Market Rank: 8
- Affordability & Economic Environment Rank: 2
- Highlights: Family-friendly amenities and job opportunities make Gilbert a top choice for new residents.
7. Charlotte, NC (Score: 68.07)
- Real Estate Market Rank: 6
- Affordability & Economic Environment Rank: 42
- Highlights: As a major financial hub, Charlotte continues to attract a diverse workforce and a rising population.
8. Denton, TX (Score: 67.53)
- Real Estate Market Rank: 7
- Affordability & Economic Environment Rank: 40
- Highlights: With a lively arts scene and educational resources, Denton is appealing to younger demographics.
9. Allen, TX (Score: 67.29)
- Real Estate Market Rank: 13
- Affordability & Economic Environment Rank: 6
- Highlights: Known for its community spirit and suburban feel, Allen continues to thrive economically.
10. Port St. Lucie, FL (Score: 67.01)
- Real Estate Market Rank: 18
- Affordability & Economic Environment Rank: 4
- Highlights: This city offers a unique blend of affordability and a coastal lifestyle.
11. Boise, ID (Score: 66.94)
- Real Estate Market Rank: 9
- Affordability & Economic Environment Rank: 32
- Highlights: Boise's natural beauty and outdoor lifestyle draw young professionals and families alike.
12. Austin, TX (Score: 66.34)
- Real Estate Market Rank: 11
- Affordability & Economic Environment Rank: 26
- Highlights: A tech hub with vibrant cultural experiences, Austin still ranks high despite rising home prices.
13. Murfreesboro, TN (Score: 66.05)
- Real Estate Market Rank: 15
- Affordability & Economic Environment Rank: 27
- Highlights: A growing population and economic development enhance Murfreesboro’s attractiveness.
14. Peoria, AZ (Score: 66.01)
- Real Estate Market Rank: 24
- Affordability & Economic Environment Rank: 8
- Highlights: Peoria offers a blend of affordable housing and excellent recreational opportunities.
15. Surprise, AZ (Score: 65.95)
- Real Estate Market Rank: 22
- Affordability & Economic Environment Rank: 12
- Highlights: Surrounded by natural beauty, Surprise is ideal for those seeking a suburban atmosphere.
16. Chandler, AZ (Score: 65.58)
- Real Estate Market Rank: 25
- Affordability & Economic Environment Rank: 10
- Highlights: Known for its tech-driven economy, Chandler is highly regarded for its innovation and job growth.
17. Richardson, TX (Score: 65.56)
- Real Estate Market Rank: 21
- Affordability & Economic Environment Rank: 18
- Highlights: This city is known for strong educational institutions and a robust job market.
18. Raleigh, NC (Score: 65.45)
- Real Estate Market Rank: 16
- Affordability & Economic Environment Rank: 59
- Highlights: Raleigh continues to attract tech talent and offers diverse educational opportunities.
19. Irvine, CA (Score: 64.51)
- Real Estate Market Rank: 12
- Affordability & Economic Environment Rank: 148
- Highlights: While more expensive, Irvine is renowned for its quality of life and top-notch schools.
20. Carrollton, TX (Score: 64.32)
- Real Estate Market Rank: 29
- Affordability & Economic Environment Rank: 20
- Highlights: A blend of cultural diversity and economic growth positions Carrollton as a desirable place.
This study underscores the diversity of the American real estate market, highlighting cities that excel in various criteria beyond just real estate prices. Whether you're looking to buy, invest, or simply explore your options, the top 20 real estate markets of 2024 provide exciting opportunities worth considering.
Check out this interactive map for complete rankings of the best real estate markets in the U.S..
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