First time homebuyers should check these cities per Realtor.com
Realtor.com cited metrics such as affordability, inventory, an job opportunities as factors in their decision
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Pulte Capital CEO Bill Pulte argues home prices in the new year won't be going down significantly.
Realtor.com published a report on Thursday detailing the cities expected to be best-suited for those looking to purchase their first home, all of which boasted median listing prices significantly below the national median.
For 2024, Irondequoit in western New York is number one for first-time homebuyers, according to the online real estate marketplace’s projections.
Realtor.com weighed affordability, inventory, job opportunities, surrounding metro area home sales and price growth, and commutes when formulating its top-10 list. It also factored in the presence of lifestyle businesses and the share of young homeowners.
Home purchase activity has decreased for the fourth week in a row. (Jeremy Erickson/Bloomberg via Getty Images / Getty Images / Getty Images)
Homes in Irondequoit, a suburb of Rochester, are listed with a median price of $187,000, according to the Realtor.com report. In contrast, houses in the U.S. overall posted a median $382,230 price.
THESE HOUSING MARKETS ARE EXPECTED TO SEE DOUBLE DIGIT SALES GROWTH IN 2024
In a separate December report that Realtor.com released, projections said Rochester would have the third-best sales growth in the American housing markets, as previously reported by FOX Business.
A curious family facing a "For Sale" sign. (iStock / iStock)
While Realtor.com did look at more than 2,700 cities across the country, only Irondequoit and nine other places landed among its top-10 for first-time homebuyers. They were:
- Irondequoit, New York
- Benton, Arkansas
- Winterset, Iowa
- Newington, Connecticut
- Council Bluffs, Iowa
- Cheektowaga, New York
- Grand Rapids, Michigan
- Moore, Oklahoma
- Mattydale, New York
- Riviera Beach, Maryland
Among the 10 top places for 2024, Benton, Arkansas, was the sole one that "ranked as good as or better than the average city/town" for all factors, Realtor.com noted.
The latest ranking comes after Portsmouth, Virginia, received the top-spot last year and Magna, Utah, got it in 2022.
BUFFALO'S HOUSING MARKET WILL BE THE HOTTEST IN 2024, ZILLOW SAYS
"Buying a first home can be a daunting task. Couple high interest rates with historically low inventory of homes available for sale in 2023 and hopeful buyers have faced a particularly challenging market. While affordability will remain an issue in 2024, a recent Realtor.com survey showed that 95% of prospective first-time homebuyers overwhelmingly feel that they'll be able to afford a home within their lifetime, with 40% saying they'll be able to afford it within the next year," Realtor.com’s Danielle Hale said in a press release.
Real estate auctions can be a great way to get a good deal on a home, but there are risks to consider. (iStock)
Redfin on Thursday counted a total of over 775,400 active listings for homes across the U.S. for the four-week period ending Jan. 7. There were nearly 44,700 new listings.
MORTGAGE RATES RISE FOR SECOND CONSECUTIVE WEEK
The 30-year fixed mortgage rate reached 6.66% on average this week, according to Freddie Mac. It marked a 0.04% increase week-over-week.