These are the 10 most desirable real estate markets right now—5 are in the Midwest (2024)

FAQs

Where is the real estate market the highest? ›

The Hottest MSAs Overall: Austin, Texas

The overall Housing Market Index of 72.8 for the Austin MSA rose 4.2 points year-over-year through June and compares with 70.8 in December 2023. Compared with that of the overall U.S., the Austin HMI has consistently rated higher since early 2021.

California remains the clear leader, and Florida surpassed New York as the state with the second most valuable real estate market in the country. California remains the nation's most valuable housing market, despite a housing slowdown that shaved nearly $1 trillion off the value of the state's residential real estate.

California is home to the most expensive housing markets in the US: See a nationwide breakdown. California is one of the largest and most populous states in the U.S. – it's also one of the most expensive places to live.

If key U.S. housing market data is a strong indicator, anyone looking for the best places to invest in American real estate should look south. A 2023 Rocket HomesSM survey found that 9 of the 10 best places to invest in real estate are in the Southeast states or Texas.

Among America's 50 biggest cities, 20 show annual price declines since last year, and the metro with the steepest drop might surprise you: In Miami, the median home price plummeted 11.2% from a year earlier, to $439,000. Whether any of these softening prices will result in lower housing payments is unclear.

Generally speaking, late spring and summer are the peak real estate season, when there's the most inventory to choose from — but also the most competition, and the highest prices. If affordability is a concern, you're likely to score a better deal during the winter months.

Maine saw the highest jump in housing demand, with a 31.1 percent year-to-date increase over 2023 purchase application growth.

Detroit's rise as the most overvalued housing market in the country is likely due to new household formation, said Ken H. Johnson, a real estate economist in FAU's College of Business.

Where is biggest housing shortage in US? ›

Unsurprisingly, the nation's two largest cities — New York and Los Angeles — have the largest estimated overall housing shortages at roughly 390,000 and 337,000, respectively. Between 2021 and 2022, New York City's housing shortage increased by more than 3.5%, according to Zillow.

China and the US together make up 42 per cent ($84.8tn) of global property value alone. China is home to more of the world real estate market assets (by value) than any other country at $42.7tn or 21 per cent of global real estate value, just ahead of the US at $42.1tn.

With a median home price of $919,507 and a median monthly rent of $1,842, San Diego landed the number one spot on the U.S. News list. Jones says, “California metro areas consistently top the list of most expensive housing markets in the US, so it's no surprise to see San Diego at the top of this year's list.”