2 Massachusetts Cities Rank As 2024’s Top Housing Markets
Are you living in town that’s predicted to be a hot market next year? You could be. Let’s unlock the door and find out what 2 Massachusetts cities rank as…
Are you living in town that's predicted to be a hot market next year? You could be. Let's unlock the door and find out what 2 Massachusetts cities rank as 2024's top housing markets!
What makes an area a top housing market? According to this report from Realtor.com, it's affordability and market growth. Specifically, the reports shows "sales growth is the main propellant for top housing markets in 2024, with price growth also contributing, but generally to a lesser degree."
This nationwide study reveals that most market growth and rebounds next year will be in the west, primarily California. But, Realtor.com did note that 8metros are "predicted to break double-digit sales growth in 2024." Those markets include one Massachusetts city! The others were in Oxnard, Riverside, Bakersfield, Sacramento and San Diego, California. Plus Toledo, Ohio.
So, what are the 2 Massachusetts cities that rank as 2024's top housing markets? Drum roll please...And the winners are Springfield and Worcester. Springfield is the #7 top town, while Worcester comes in at #8. That's exciting for current homeowners, who property values will likely increase exponentially. The report says the Worcester market should grow by an impressive 9.1 percent next year. Meanwhile, the median home value in the Woo should increase by 4.8%. It's a hot market!
In Springfield, the Realtor.com report demonstrates a huge 10.5% growth, with median prices expected to rise by 4.2%. By the way, the median home price in Worcester was $414,280 last month, according to Rockethomes.com. That's up 6.9% from last year. In Springfield the average home price was $274,056 for November. That is up 5.7% from last year. Compare our Massachusetts towns to the rest of the pack.
Here are the Top 10 predicted Housing Markets for 2024:
- Toledo, OH
- Oxnard-Thousand Oaks-Ventura, CA
- Rochester, NY
- San Diego-Chula Vista-Carlsbad, CA
- Riverside-San Bernardino-Ontario, CA
- Bakersfield, CA
- Springfield, MA
- Worcester, MA-CT
- Grand Rapids-Kentwood, MI
- Los Angeles-Long Beach-Anaheim, CA
RELATED:
If you're moving to Massachusetts and you wondering where the cheapest cities and towns are to rent in the state.... bad news: it's all pretty dang expensive! Rent in Massachusetts is more than twice the national average! This is according to a new study by Fast Expert, a website that looks to simplify real estate.
According to the study the average rent in Massachusetts is $2,500 per month, compared to $1,100 nationwide. The study also revealed a few other substantial take aways: Approximately 109 million Americans live in rental housing, rental rates have increased by 31% in the past ten years in the United States, and (focusing more locally) around 38% of households in Massachusetts rent their homes.
Massachusetts is a great place to live, offering a compelling blend of history, culture, and natural beauty. The state boasts a rich historical heritage, with iconic sites like Plymouth Rock and the Freedom Trail, appealing to history buffs. Massachusetts is also home to world-renowned educational institutions, including Harvard and MIT, making it a hub for academic and professional opportunities.
Its diverse landscapes range from picturesque coastal towns along Cape Cod to the scenic Berkshires, providing outdoor enthusiasts with a variety of recreational activities. Residents enjoy a thriving arts scene, vibrant cities like Boston, and a strong sense of community. Massachusetts also leads in healthcare, and its commitment to progressive policies makes it an attractive place for a high quality of life.
The study by Fast Expert figured out the cheapest towns to rent in in Massachusetts. This is not simply based on rental prices, though it does take that into account. Also factored in are: population of each town, average home listing price, average number of days on the market, medium household income in each town, and average rent price.
Here we'll give you the Top 5 Cheapest Towns to Rent In in Massachusetts:
5. Canton
Canton is the 5th cheapest place to rent in Massachusetts. The average house goes on the market for $772,400 and the average rent is $1,757.
4. Burlington
Burlington is the 4th cheapest place to rent in Massachusetts. The average house goes on the market for $774,450 and the average rent is $1,960.
3. Shrewsbury
Shrewsbury is the 3rd cheapest place to rent in Massachusetts. The average house goes on the market for $529,900 and the average rent is $1,371.
2. Sunderland
Sunderland is the 2nd cheapest place to rent in Massachusetts. The average house goes on the market for $384,115 and the average rent is $1,456.
1. Westborough
Westborough is the #1 cheapest place to rent in Massachusetts. The average house goes on the market for $473,950 and the average rent is $1,663.
To see 6-10 on the list...
... and more info and stats, CLICK HERE! And thanks to Fast Expert for sharing the great info.
