I’m a Real Estate Agent: Watch These 7 Housing Markets for the Rest of 2024 for Affordable Homes

09/05/2024

Downtown Charlotte, North Carolina, USA Skyline Aerial

The 2024 housing market is frustrating, at best. Rising prices and high interest rates make it difficult for the average American to buy a house. That said, now might be a decent time to buy in some markets if you have the money. The advantages of buying in this market are that you’ll beat the rush that’s sure to flood in when prices and interest rates are lower — meaning you could pay less for more since you won’t have the competition bidding you up as much.

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GOBankingRates talked to real estate experts to get the inside scoop on which housing markets are the best bang for your buck right now — and for the rest of 2024. Here’s what they said.

Midwestern Magnets

Kuba Jewgieniew, CEO and founder of Realty ONE Group, highlighted the overall appeal of the Midwest for buyers in 2024.

“We anticipate increased activity in cities that offer young buyers affordable housing, a robust job market, and modern amenities,” he said. “This trend is drawing more buyers to the Midwest, including cities like Columbus and Cincinnati in Ohio, as well as Charlotte in the Carolinas, and attractive spots in Tennessee such as Memphis and Nashville.”

Dallas

“Dallas is at the very tip top of my list for best cities to move to NOW for affordable housing,” said Rhett Wiseman, a real estate private investor and the founder of Wiseman Advising LLC. “Your money will not go any further than what it can buy you in Dallas, and its immediate outskirts. Quality, size and price are virtually undefeated by any other market in the country right now. Close proximity to one of America’s fastest-growing cities, and one of the most affordable for what you are buying, has Dallas as a dominant force for affordable and great living.”

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Austin, Texas

Not far behind Dallas is its intra-state rival Austin, according to Wiseman.

“Austin continues to grow and expand into one of the best places to live in the country,” he stated. “Extreme amounts of new development have created such great inventory, that parts of Austin have some of the most affordable pieces of property relative to other popular and thriving cities in the country. Texas has become one of the best states to live in, and there is a ton of value still to grasp by buying something in Austin.”

Pandemic Boom Towns

Adie Kriegstein, a licensed real estate salesperson at Compass Real Estate, shared that while rental prices soared across the country during the pandemic, things are now starting to cool — and even plummet — in some towns like Austin, Memphis, Nashville and Atlanta.

“Pandemic boomtowns such as Austin and Memphis have an oversupply of units and as such rents have been dropping,” she said. “These cities were great for investors to flip and/or rent out their properties but now homes are languishing on the market and, as such, landlords are offering concessions.”

This could include a month’s free rent or throwing in a parking space.

“Landlords are trying to attract renters and concessions usually represent a softening market too,” she shared.

Nashville, Tennessee

“One of the fastest growing cities in the United States, Nashville has seen some of the most rapid housing appreciation in recent memory,” Wiseman shared. “Still not near its peak of popularity, Nashville has become an incredible tourist destination. Job growth and a raging local economy have this city at the top of my list, and tons of new development and new construction allowing for housing prices to level off.”

Charlotte, North Carolina

Continuing the theme of population growth driving housing affordability, Wiseman pointed to Charlotte as another market to watch.

“North Carolina has become one of the best and most affordable places to live in the past few years. The rapid population increase created an incredible amount of new construction, which has kept home prices low and has created vast communities with a high-quality product.”

Ohio Opportunities

Seamus Nally of Turbo Tenant is particularly bullish on opportunities in Ohio cities like Toledo, Akron and Dayton.

“Cities like Toledo, Akron and Dayton pose great opportunities for buyers. Firstly, they are more affordable to buy and live in than most other cities of relative size in the U.S.,” he shared. “On top of that, these cities are all expected to grow in population, economy, and job opportunities in the next few years, so property values will start to increase. Buy now, and you will get in before prices rise or you’ll be able to strategically sell your property for a great profit.”

Between the growth happening in Texas, Tennessee, North Carolina and parts of the Midwest, there are plenty of markets across the country providing reasonably priced homes and great long-term investment potential for prospective buyers in 2024. For those looking to maximize their budgets, these are the places to focus your house hunt.