Realtor.com recently assessed 100 regions based on sales and price growth rates, offering a glimpse into the top housing markets for 2024. Notably, Springfield secured the second-highest rank in the Northeast, while Worcester also made an impressive appearance on the list.
Top 10 Housing Markets Nationwide
- Toledo, Ohio
- Oxnard-Thousand Oaks-Ventura, Calif.
- Rochester, N.Y.
- San Diego-Chula Vista-Carlsbad, Calif.
- Riverside-San Bernadino-Ontario, Calif.
- Bakersfield, Calif.
- Springfield, Mass.
- Worcester-Conn., Mass.
- Grand Rapids-Kentwood, Mich.
- Los Angeles-Long Beach-Anaheim, Calif.
Springfield’s Rise to No. 7
Springfield is expected to witness a remarkable doubling in sales growth, rebounding after a decline in 2023. The metro area is known for its affordability, providing housing options, healthcare facilities, quality education, and job opportunities. With over 25% of jobs in education and healthcare, Springfield boasts an unemployment rate projected to be 4.1%, below the national average.
Given the soaring rental prices in Boston, Springfield offers a more budget-friendly alternative. The median list price is 13.3% below the national median and a staggering 56% lower than Boston’s. According to Erica Nunley, managing partner at Nunley Group Realty, the city is attracting individuals from Boston, Worcester, and New York due to its affordability.
Worcester’s Appeal at No. 8
Worcester, securing the eighth spot on the list, offers convenient access to high-quality education with eight colleges and universities. The addition of Polar Park, home to the Worcester Red Sox, enhances recreational activities. Despite median home prices being 14.7% above the national average, they remain considerably lower than Boston’s, which is 41.8% higher than the U.S. average.
The Worcester area currently boasts a 3.9% unemployment rate, 0.3% lower than the national average. Kimberly Walters-Adegoke, a Worcester area real estate agent, attributes the flourishing housing market to city improvements, reduced crime rates, and new developments.
Challenges Amid Growth
While these housing markets thrive, the issue of gentrification emerges. Despite the positive developments, low-income families find it challenging to stay in the area. Olivia Okpalafulaku, a Worcester-area real estate agent, highlights the double-edged sword of gentrification, where increased development makes the area more attractive but also raises living costs.
Other New England Metros on the List
- 11. Hartford-East Hartford-Middletown, Conn.
- 24. Providence-Warwick, R.I-Mass.
- 25. New Haven-Milford, Conn.
- 27. Portland-South Portland, Maine.
- 28. Bridgeport-Stamford-Norwalk, Conn.
As the real estate landscape evolves, Springfield and Worcester stand out as promising housing markets for 2024. While affordability and quality of life attract residents, the challenges of gentrification underscore the need for thoughtful urban development policies in these flourishing metros.