The Washington-Arlington-Alexandria real estate market ranks 44th on Realtor.com’s list for the top 100 markets in 2024.
Topping the list is Toledo, Ohio. At No. 2 is Oxnard-Thousand Oaks-Ventura, California. And Rochester, New York, comes in at No. 3.
In its 2024 Top Housing Markets forecast, Realtor.com ranked housing markets by their combination of expected sales and price growth in 2024.
For the Washington-Arlington-Alexandria market, combined 2024 existing home sales and price growth will increase 1.8 percent.
Realtor.com said to expect median sales prices to increase 2.6 percent year-over-year.
The median sales prices in the DC metro area for 2024 will be up 39.7 percent over sales prices for 2017–2019.
“To wrap up 2023, our expectations are that the nation’s 100 largest metropolitan areas will end the year with 2.1 percent median existing home sale price growth, on average, and a decline in existing home sales of 23.9 percent, on average. At this pace of sale price growth, the 100 largest metropolitan areas are expected to outpace the national rate of only 0.3 percent. However, sales in these metros on average are expected to underperform even the national rate of decline of 19 percent,” the report said.
Realtor.com said housing sales growth in 2024 will be in markets with less flexibility for hybrid and remote work.
“As more and more companies conduct return-to-office mandates, it is not surprising to find that markets with less flexible work arrangements are predicted to show an average year-over-year growth in existing home sales of +0.6 percent, while markets with more flexible work modes are anticipated to experience a -4.9 percent annual decline in sales,” the report said.
The Bright MLS 2024 Mid-Atlantic Housing Forecast released last month predicted median prices rising less than Realtor.com projects. “Overall, the median price is forecasted to rise by 1.8 percent between 2023 and 2024, with the slowest pace of home price appreciation in the Washington, DC, metro area (+1 percent),” the November market outlook said.
Feature image, stock.adobe.com
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