Real Estate Agents: These Will Be the Best States To Buy Property in 2024
If you are looking to buy property next year, you will want to start looking now.
The housing market has been up and down across the country. The fickleness is partly due to steadily high mortgage rates and low inventory. Homebuyers in 2024 will need to be more informed than ever. They will not only want to know overall trends but also local markets, which may differ greatly from national ones.
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GOBankingRates asked real estate agents nationwide which states will be best to buy property in next year. Here are the states where they would invest.
Texas
The Lone Star State stood out for two of the real estate agents we talked to, with a pair of bustling cities leading the way.
“As I have seen, the best states to buy property in 2024 will most likely be those with strong job growth and a promising economy,” said John Peña, a real estate agent and CEO of Peña El Paso Realty Group. “One state that is often at the top of the list for real estate investment is Texas. With a thriving job market and no state income tax, it’s no surprise that many people are flocking to cities like Austin and Dallas.”
Eli Pasternak, a licensed Florida realtor and owner of Liberty House Buying Group, concurred: “Texas continues to experience population growth, driven by job opportunities and a business-friendly environment. Cities like Austin and Dallas are thriving, making it an attractive state for real estate investment.”
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Florida
Peña also noted East Coast states that may be worth a look.
“You can also see strong growth potential in states like Florida and North Carolina, thanks to their rapidly growing populations and diverse economies,” he said. “These states offer a variety of real estate options, from high-end beachfront properties to affordable housing in up-and-coming neighborhoods.”
North Carolina
Pasternak agreed that North Carolina’s mix of urban growth, beachy bliss and other factors put it high on his list.
“With a growing economy and attractive quality of life, North Carolina is gaining attention,” Pasternak said. “Areas like Raleigh and Charlotte are experiencing urban development, making them potential areas for property investment.”
Colorado
Brett Johnson, owner of New Era Home Buyers and a licensed Colorado real estate agent, said, “The state’s growth is underpinned by a diverse economy, encompassing thriving industries like technology and renewable energy, which not only attract skilled professionals but also drive demand for housing. Colorado’s commitment to sustainable living and its captivating landscapes further elevate its allure in the real estate market.”
He continued, “For newcomers eyeing Colorado, my advice is to delve into thorough market research. Understanding the nuances of different regions, from the urban vibrancy of Denver to the tranquility of mountain communities, is key. Building relationships with local professionals and exploring niche markets can unveil hidden gems beyond the mainstream.”
Nevada
Matiah Ty Fischer, founder of AllHomesLasVegas.com and a licensed real estate agent in the area, noted, “One of the best states to buy property in 2024 will be Nevada, thanks to its no state income tax and relatively low cost of living. The most known city, Las Vegas, for example, has seen a steady increase in overall population over recent years, with many moving from more expensive neighboring states.”
“Major sports teams (NFL, NHL, and now MLB) have also found their new home in the state of Nevada,” he added. “The housing market is also up for Nevada, with the median sales price around $435,000, which is just above the Q3 average home price in the United States at $431,000. Since the start of 2023, the median home price of Nevada has stayed above $400,000. The state of Nevada also offers a diverse range of living — from desert living in Las Vegas to seasonal lake living with warm summers and snowy winters in Lake Tahoe.”
Budget-Friendly Options
Most real estate experts agree that buyers should opt for properties that fall within their budget in an area where they can afford the cost of living. Chenise Hinds, an interior designer, home stager, and licensed realtor, as well as a senior contributor at Momooze, stated, “In my view, the top states for home buyers next year will be West Virginia, Idaho, Utah, Colorado, North Carolina, Texas, and Alabama. Affordability is key.”
She added, “West Virginia tops the list as the most budget-friendly option, with typical single-family homes priced at just $158,172. This is less than half of the national average. Idaho, Utah, Texas, and Alabama also offer homes well below $200,000.”
Growth Potential
Hinds also believes potential homebuyers should be focused on growth potential. She explained, “At the same time, a strong population and job growth signal a promising real estate market. States like Idaho, Utah, Colorado, Texas, and North Carolina are becoming increasingly popular thanks to flourishing economic opportunities. With more people moving in, demand rises along with home values. Areas around booming cities like Boise, Salt Lake City, Denver, Austin, and Raleigh are hot spots to watch.”
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This article originally appeared on GOBankingRates.com: Real Estate Agents: These Will Be the Best States To Buy Property in 2024
