Which metro areas are best to raise a family?
According to data compiled by Fortune Well, a publication that’s a part of Fortune Magazine, there’s a new top metro area to raise a multigenerational family. The publication analyzed more than 2,000 cities across the country for categories such as healthcare, education, affordability and senior resources.
Which city claimed the top spot? Silver Spring, MD scored the best out of the 2,000 cities measured. Coming in third place in last year’s list, Silver Spring was able to claim the top spot because of its local charm and the convenience of city life nearby.
Silver Spring offers an impressive art and entertainment district, a bustling downtown, and scored very well on its Community Well-Being Index score. The CWBI provides a composite score of health and wellness.
Upper Merion, PA came in second and Chantilly, VA came in third place this year.
Which areas are seeing an increase in home inventory?
A recent article from Fast Company detailed the states that are seeing increases in available home inventory for sale. According to the most recent data, three states have more homes for sale now than they did before June 2019. Which states are they? Florida is about even with it’s 2019 level. Idaho is 4% higher than pre-pandemic levels, and Texas is 5% higher than 2019.
What does this mean for homebuyers? For starters, homebuyers will have greater choices now than any time in the past five years in these markets. Secondly, it could mean that homes aren’t getting as many offers and there may be an opportunity to find a home that has just undergone a price cut or is priced lower than the local average.
What are the latest predictions for home prices?
The latest housing market forecast for the rest of 2024 was recently published by Forbes. According to the experts they surveyed a few conditions needed to occur to get the market to open up.
Keith Gumbinger, vice president at online mortgage company HSH.com, stated, “For the best possible outcome, we’d first need to see inventories of homes for sale turn considerably higher. This additional inventory, in turn, would ease the upward pressure on home prices, leveling them off or perhaps helping them to settle back somewhat from peak or near-peak levels.”
When it comes to mortgage rates, Gumbinger said, “Better that rate reductions happen at a metered pace, incrementally improving buyer opportunities over a stretch of time, rather than all at once.”
Home inventory has increased. Mortgage rates have cooled from their peak in May 2024, but may have further to cool before affordability improves. Home prices historically cool off in the fall and winter, and we’ve already moved off the peak that was set earlier this year. While there are a few issues to clear, we may find ourselves with a more affordable housing market sooner rather than later.
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