Housing Market 2024: 15 Cities Poised for Stable Growth and Solid Value
If you’re looking for a place to live where you don’t have to worry as much about the cost of living, economic downturns or homes losing value, you may wonder where in the country you could move.
A recent GOBankingRates study examined housing forecast trends for home values by metro areas. We looked at the 300 largest metro housing markets and whittled it down to a list of the top 15 cities where homeowners can expect stable growth.
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The cities you might expect to be among the most solid choices in both home values and growth are not necessarily what you think. Of the cities that made the top 15, more than half are on the East Coast in states like Connecticut and New Jersey.
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15. Bangor, Maine
One-month forecasted home value change: 0.60%
Three-month forecasted home value change: 1.60%
Year-over-year forecasted home value change: 3.40%
Average of the three: 1.87%
Bangor is a coastal city in the Northeast with a population of about 31,588, according to the 2022 United States Census. Sperling’s Best Places rates Bangor’s cost of living at 85.7, with 100 being the U.S. median. The median home cost is listed at $237,200.
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14. Fayetteville, North Carolina
One-month forecasted home value change: 0.60%
Three-month forecasted home value change:1.50%
Year-over-year forecasted home value change: 3.50%
Average of the three: 1.87%
Fayetteville has a population of about 208,873. Sperling’s Best Places rates Fayetteville’s cost of living at 81.4. The median home cost is listed at $188,800.
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13. Saginaw, Michigan
One-month forecasted home value change: 0.90%
Three-month forecasted home value change:1.70%
Year-over-year forecasted home value change: 3.10%
Average of the three: 1.90%
Saginaw has a population of about 43,477. Sperling’s Best Places rates Saginaw’s cost of living at 79.2, with 100 being the U.S. median. The median home cost is listed at $105,700.
12. Syracuse, New York
One-month forecasted home value change: 0.70%
Three-month forecasted home value change: 2.00%
Year-over-year forecasted home value change: 3.10%
Average of the three: 1.93%
Syracuse has a population of about 144,451. Sperling’s Best Places rates Syracuse’s cost of living at 87.4. The median home cost is listed at $162,700.
11. Concord, New Hampshire
One-month forecasted home value change: 0.60%
Three-month forecasted home value change: 1.60%
Year-over-year forecasted home value change: 3.70%
Average of the three: 1.97%
The New England city of Concord has a population of about 44,500. Sperling’s Best Places rates Concord’s cost of living at 89. The median home cost is listed at $360,000.
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10. Torrington, Connecticut
One-month forecasted home value change: 0.70%
Three-month forecasted home value change: 2.00%
Year-over-year forecasted home value change: 3.40%
Average of the three: 2.03%
Torrington has a population of about 36,000. Sperling’s Best Places rates Torrington’s cost of living at 105.9, above the national median, but housing prices are still affordable here. The median home cost is listed at $221,100.
9. Norwich, Connecticut
One-month forecasted home value change: 0.70%
Three-month forecasted home value change: 2.30%
Year-over-year forecasted home value change: 3.30%
Average of the three: 2.10%
The second of three Connecticut towns on this list, Norwich has a population of about 40,000. Sperling’s Best Places rates Norwich’s cost of living at 106.8, suggesting a growing area. The median home cost is listed at $215,000.
8. Rochester, New York
One-month forecasted home value change: 0.60%
Three-month forecasted home value change: 2.30%
Year-over-year forecasted home value change: 3.60%
Average of the three: 2.17%
Rochester is located in upstate New York and has a population of about 209,000. Sperling’s Best Places rates Fayetteville’s cost of living at 88.6. The median home cost is listed at $130,900.
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7. Hartford, Connecticut
One-month forecasted home value change: 0.90%
Three-month forecasted home value change: 2.50%
Year-over-year forecasted home value change: 3.20%
Average of the three: 2.20%
Hartford, the third Connecticut city on this list, has a population of about 120,700. Sperling’s Best Places rates Hartford’s cost of living at 104.8. The median home cost is listed at $180,200.
6. Boise, Idaho
One-month forecasted home value change: 0.50%
Three-month forecasted home value change: 2.10%
Year-over-year forecasted home value change: 4.20%
Average of the three: 2.27%
The thriving town of Boise has a population of about 237,000. Sperling’s Best Places rates Boise’s cost of living at 119.6. The median home cost is listed at $478,900.
5. Kingston, New York
One-month forecasted home value change: 0.70%
Three-month forecasted home value change: 2.00%
Year-over-year forecasted home value change: 4.20%
Average of the three: 2.30%
Kingston is nowhere near Manhattan and has a much smaller population of 24,000 too. Sperling’s Best Places rates Kingston’s cost of living at 110.6. The median home cost is listed at $224,700.
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4. Brownsville, Texas
One-month forecasted home value change: 1.20%
Three-month forecasted home value change: 2.40%
Year-over-year forecasted home value change: 3.40%
Average of the three: 2.33%
Brownsville is a relatively big city in Texas, with a population of nearly 190,000, that keeps on attracting more people. Sperling’s Best Places rates Brownsville’s cost of living at 74.9. The median home cost is listed at $162,600, so very affordable.
3. Knoxville, Tennessee
One-month forecasted home value change: 0.50%
Three-month forecasted home value change: 1.60%
Year-over-year forecasted home value change: 5.10%
Average of the three: 2.40%
Knoxville, with a population of nearly 200,000, will likely always retain its draw and thus its value. Sperling’s Best Places rates Knoxville’s cost of living at 91.8. The median home cost is listed at $314,700.
2. Atlantic City, New Jersey
One-month forecasted home value change: 0.80%
Three-month forecasted home value change: 2.10%
Year-over-year forecasted home value change: 4.60%
Average of the three: 2.50%
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1. Trenton, New Jersey
One-month forecasted home value change: 1.10%
Three-month forecasted home value change: 2.80%
Year-over-year forecasted home value change: 3.60%
Average of the three: 2.50%
The second New Jersey city on this list is the No. 1 city with the most stable growth. Sperling’s Best Places rates Trenton’s cost of living at 104.6. The median home cost is listed at $252,500.
Methodology: For this piece we looked at Zillow’s February 2024 forecast trends for home values by metro. We looked at the 300 largest metro housing markets across the following factors: (1) one month (February to March 2024) forecasted home value change; (2) three month (February to May 2024) forecasted home value change; and (3) year-over-year (February 2024 to February 2025) forecasted home value change. GOBankingRates then found (4) the average of the three forecasts for initial rankings. Factors (1) – (3) had to all be positive to be considered and factor (4) was used for ranking as it takes into account a stability of growth vs. having one forecast be dominant.
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This article originally appeared on GOBankingRates.com: Housing Market 2024: 15 Cities Poised for Stable Growth and Solid Value
