Lehigh Valley ranked No. 23 in projection of country’s top 2024 … – 69News WFMZ-TV

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The Lehigh Valley comes in at No. 23 on Realtor.com’s projection of top housing markets in 2024, based on forecast growth in sales and prices.

Toledo, Ohio, came in No. 1, according to the digital real-estate marketplace. Five of the top 10 markets are in Southern California. Snowbelt locations are included too, with Rochester, New York; Springfield, Massachusetts; Worcester, covering part of Massachusetts and Connecticut; and Grand Rapids, Michigan, also in the top 10.

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The Lehigh Valley — drawn broadly in this case to include Allentown, Bethlehem, Easton and part of western New Jersey — came in at No. 23 right behind Lansing, Michigan, and just ahead of the Providence and Warwick area in Rhode Island and Massachusetts.

No. 100 among the largest U.S. metropolitan areas is the Portland/Vancouver area in Oregon and Washington.

Realtor.com bases its forecasts on projections for the housing market and the economy. It then ranks markets by combined forecast growth in home prices and sales.

Top markets in the Midwestern and Northeastern U.S. are more affordable, according to Realtor.com, with median prices below the national average. Also in the markets, 37.9% of homeowners do not have a mortgage, protecting them from higher rates.

In the Lehigh Valley, Realtor.com forecasts a 5% increase in median sales of existing homes in 2024.

Realtor.com says sales prices and mortgage rates in the U.S. will start a slow decline, boosting affordability.

“Now that we’re seeing the beginning of an affordability turnaround, home buyers are still looking for markets where they can capitalize on lower prices,” Realtor.com Chief Economist Danielle Hale said. “Even in some of the more expensive markets, we’ll see double-digit sales growth as sales start to rebound from their historic lows, helped by mortgage rates which are finally expected to relent.”

Realtor.com says even in the Midwest and Northeast, growth in the housing market remains subject to unemployment above expectations, inflation and mortgage rates.

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