If you are thinking of purchasing real estate next year, why not start your search now?
The housing market is experiencing ups and downs nationwide. Part of this fickleness is due to steadily high mortgage rates and low inventory. Homebuyers in 2024 will need more information than ever before. They want to know about overall trends as well as the local market, which can be very different from the national market.
GOBankingRates asked real estate agents across the country which states are the best to buy real estate next year. The states in which they invest are:
texas
For two of the real estate agents we spoke to, isolated states stood out, with two bustling cities leading the way.
“As we have seen, the best states to buy real estate in 2024 are likely to be those with strong job growth and promising economies,” said Realtor and Peña El Paso.・John Peña, CEO of Realty Group, said: “One state that often tops the list for real estate investment is Texas. With a booming job market and no state income tax, it’s no wonder so many people flock to cities like Austin and Dallas. .”
Eli Pasternak, a Florida licensed real estate agent and owner of Liberty House Buying Group, agreed: Cities like Austin and Dallas are thriving, making the state attractive for real estate investment. ”
florida
Peña also mentioned other East Coast states that might be worth a look.
“We also see significant growth potential in states like Florida and North Carolina due to their rapidly growing populations and diverse economies,” he said. “These states offer a variety of real estate options, from luxury waterfront properties to affordable housing in emerging areas.”
north carolina
Pasternak agreed that North Carolina is high on the list because of its combination of urban growth, beach bliss, and other factors.
“North Carolina is in the spotlight with a growing economy and attractive quality of life,” Pasternak said. “Regions like Raleigh and Charlotte are undergoing urban development, making them potential areas for real estate investment.”
colorado
Brett Johnson, owner of New Era Home Buyers and a Colorado-licensed real estate broker, said, “The state’s growth is driven by a diverse range of businesses, including thriving industries such as technology and renewable energy.” “Supported by the economy, these industries not only attract skilled professionals but also drive demand for housing.” housing. Colorado’s commitment to sustainable living and its charming landscape further enhance its appeal in the real estate market. ”
He added, “My advice to new entrants looking at Colorado is to do thorough market research. Understand the nuances of the different regions, from the urban vibrancy of Denver to the tranquility of a mountain community. By building relationships with local experts and exploring niche markets, you can discover hidden gems beyond the mainstream.”
nevada
“Nevada will be one of the best states to buy real estate in 2024,” said Mattia Ty Fischer, founder of AllHomesLasVegas.com and a licensed real estate agent in the area. “This is because there is no state income tax and the cost of living is relatively low.” For example, the best-known city, Las Vegas, has seen a steady increase in its total population in recent years, with many moving in from nearby, more expensive states. ”
“Major sports teams (NFL, NHL, and now MLB) have also found new homes in Nevada,” he added. “The Nevada housing market is also on the rise, with a median sales price of approximately $435,000, slightly above the U.S. average home price of $431,000 in the third quarter of 2023. Since its inception, the median home price in Nevada has hovered above $400,000. Nevada has also expanded from living in the Las Vegas desert to warm summers and snowy winters at Lake Tahoe. You can enjoy a variety of lifestyles, including living on a seasonal lake.”
budget friendly option
Most real estate experts agree that buyers should choose a property within their budget in an area where they can afford the cost of living. “In my opinion, the states with the most homebuyers next year are West Virginia, Idaho, and Utah,” said Chenise Hines, interior designer, home stager, licensed real estate agent, and Momooze senior contributor. , Colorado and the northern states.” Carolina, Texas, Alabama. Affordability is key. ”
She added, “West Virginia tops the list as the most budget-friendly option, with a typical single-family home priced at just $158,172, which is less than half the national average. Idaho, Utah, and Texas. The state, Alabama, also offers home prices well below $200,000.”
growth potential
Hines also believes potential home buyers should focus on growth potential. She explained: “At the same time, robust population and employment growth indicates a promising real estate market. States such as Idaho, Utah, Colorado, Texas, and North Carolina are growing in popularity thanks to thriving economic opportunities. As more people move in, the demand as well as the value of homes increases. Areas around fast-growing cities like Boise, Salt Lake City, Denver, Austin, and Raleigh are hot spots to watch. .”
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