Providence Area Ranked Among Top Real Estate Markets For 2024 In New Report

PROVIDENCE, RI — The Providence-Warwick area was ranked the 24th top real estate market in the U.S. for 2024, according to a new report from Realtor.com.

Realtor on Monday released its 2024 Top Housing Markets forecast, which ranked the 100 top U.S. housing markets most “primed and ready for growth.”

“These markets are poised to see the strongest combined increase in home sales and listing prices in the coming year,” the report said.

Here’s what Realtor.com found for the Providence-Warwick market:

• 2024 Existing Home Sale Counts Year Over Year: 3.9 percent
• 2024 Existing Home Sale Counts vs 2017-19 Average: -26.6 percent
• 2024 Existing Home Median Sale Price Year-Over-Year: 3.1 percent
• Combined 2024 Existing Home Sales and Price Growth: 7.1 percent

The top markets are mostly located in southern California, the Northeast, and the Midwest. Five of the top 10 markets were in California, and two were in Massachusetts.

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

The real estate company said it expects buyers will see some affordability relief next year, with declining sales prices and mortgage rates yet.

"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," said Realtor’s Chief Economist Danielle Hale. "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 expected to finally relent."

Most of this year's top markets are relatively affordable compared to the national median home price, the report said.

The study comes as Realtor’s own researchers found nearly half of first-time buyers think buying is better than renting. Even with inflationary concerns this year, about three-quarters believe the dream of homeownership is still possible, and nearly 40% of first-time home buyers feel they'll be able to afford a home within the next year.

Realtor’s estimates were calculated using data from the housing market and overall economy. Markets were ranked by combined forecasted growth in home prices and sales.

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