10 Cities With More Homes Going Up For Sale
If you sat on the sidelines watching the housing market — and waiting to buy — in 2023, you saw a mix of circumstances that led to unfavorable conditions, with record-high mortgage rates and low inventory conspiring against prospective homebuyers.
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But 2024 looks set to start on a positive note, with mortgage rates falling below 7% in mid-December, more homes starting to hit the market and prices dropping in some locations. Your dreams of buying a home might finally come true in some places.
Overall, Realtor.com projected the 2024 housing market will continue to be tough in many markets. Sales are expected to remain about the same as in 2023 at just over 4 million units sold. Existing homeowners will have the same tough choices about moving, with “moves of necessity” for events such as job changes or other life events inspiring a relocation.
Therefore, as with all things real estate, the 2024 housing climate will come down to location, location, location. An autumn study by Realtor.com focused on identifying cities nationwide that are finding more homes going up for sale, whether new builds or resale properties. To come up with a list of 10, Realtor.com looked at the 150 largest metropolitan areas to see how new listings compared between October and September while also reviewing the change in new listings for the past three months of October. The resulting cities are all in the South and Midwest.
So, where should buyers just look to find a selection of more homes on the market? These are 10 diverse communities identified by the Realtor.com study that had greater inventory and could be great places to buy a home.
Greensboro, North Carolina
Median home list price in October: $320,950
New listings in October: 782
Percentage change in new listings from September to October: minus-0.3%
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Chattanooga, Tennessee
Median home list price in October: $418,700
New listings in October: 786
Percentage change in new listings from September to October: 6.2%
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Shreveport, Louisiana
Median home list price in October: $246,500
New listings in October: 422
Percentage change in new listings from September to October: 6.6%
Charleston, South Carolina
Median home list price in October: $538,248
New listings in October: 1,312
Percentage change in new listings from September to October: 7.2%
Richmond, Virginia
Median home list price in October: $435,000
New listings in October: 1,506
Percentage change in new listings from September to October: 7.3%
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Killeen, Texas
Median home list price in October: $315,750
New listings in October: 644
Percentage change in new listings from September to October: 8.1%
Youngstown, Ohio
Median home list price in October: $168,675
New listings in October: 580
Percentage change in new listings from September to October: 9.0%
Port St. Lucie, Florida
Median home list price in October: $472,658
New listings in October: 1,136
Percentage change in new listings from September to October: 10.9%
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Flint, Michigan
Median home list price in October: $192,000
New listings in October: 544
Percentage change in new listings from September to October: 13.3%
Peoria, Illinois
Median home list price in October: $164,800
New listings in October: 460
Percentage change in new listings from September to October: 13.9%
This article originally appeared on GOBankingRates.com: 10 Cities With More Homes Going Up For Sale