Worcester Lands On 'Top Housing Markets For 2024' List

WORCESTER, MA — Two Massachusetts cities were named among the top 10 housing markets for 2024, according to a recent Realtor.com report. Springfield ranked No. 7 and Worcester ranked No. 8.

Worcester's market is expected to grow by a whopping 9.1 percent next year. Median home values are anticipated to increase by 4.8 percent.

"While Worcester has slightly underperformed compared to initial expectations, it remains one of the hottest markets in the country," Realtor.com noted.

Worcester also recently landed at No. 20 in the Fall 2023 Wall Street Journal/Realtor.com Emerging Housing Markets Index.

The Worcester metropolitan area is succeeding in part because of its affordability as it's 41.8 percent less expensive than Boston.

For Springfield, Realtor.com anticipates 10.5 percent growth with median prices increasing by 4.2 percent.

At the national level, it's expected that housing affordability will begin to turn around as mortgage rates ease and housing prices dip.

"Although nationwide, home sales are expected to edge just slightly higher, some markets across the country are projected to fare differently," according to Realtor.com.

The list is mainly comprised of metropolitan area housing markets in the Midwest and Northeast that offer affordability compared to a very expensive national housing market along with Western metros that "took a big hit in 2023 and are expected to bounce back as interest rates fall over the year."

The No. 1 real estate market for 2023 is Toledo, OH, which is forecast for 14 percent growth. It is one of only eight metro areas predicted for double-digit growth in 2024, with most of the rest in expensive markets in the West.

Here's the full top 10:

1. Toledo, OH
2. Oxnard-Thousand Oaks-Ventura, CA
3. Rochester, NY
4. San Diego-Chula Vista-Carlsbad, CA
5. Riverside-San Bernardino-Ontario, CA
6. Bakersfield, CA
7. Springfield, MA
8. Worcester, MA-CT
9. Grand Rapids-Kentwood, MI
10. Los Angeles-Long Beach-Anaheim, CA

See the full "Top Housing Markets for 2024" list at Realtor.com.