In an encouraging turn of events for homeowners, a new study conducted by real estate data and analytics company CoreLogic predicts a nationwide increase in home prices by 2.5% through November 2024. However, some cities are projected to experience even more substantial growth.

The study reveals that homeowners in 20 cities across the United States should prepare for home prices to more than double the national average. Notably, cities like Redding, California, and Fairbanks, Alaska, are expected to witness significant spikes in home values.

Despite the challenges posed by skyrocketing mortgage rates, homeowners across the country have seen housing prices remain stubbornly high, much to the frustration of potential first-time buyers. CoreLogic Chief Economist Dr. Selma Hepp acknowledges the affordability crunch faced by many but attributes the persistent strength in the housing market to pent-up demand.

Dr. Hepp states, "This continued strength remains remarkable amid the nation's affordability crunch but speaks to the pent-up demand that is driving home prices higher." Additionally, she explains that cities grappling with a prolonged inventory shortage, exacerbated by the limited availability of new homes for sale, have experienced notable price gains throughout 2023.

The study's findings indicate that the market's resilience and robust demand will continue to fuel the growth in home prices over the next few years, with the projected increase of 2.5% nationwide serving as a baseline. However, certain cities are expected to outpace the national average substantially.

The list of top 20 cities where home prices are forecasted to grow the most by 2024 includes Redding, California, and Fairbanks, Alaska, among others. These cities are likely to witness a significant surge in housing prices, presenting potential opportunities for homeowners to capitalize on their investments.

As homeowners brace themselves for potential price increases, the study brings both optimism and caution. While the housing market's strength is evident, there is a pressing need for policymakers and industry professionals to address the ongoing affordability crisis. Balancing the supply and demand dynamics will be crucial in ensuring a sustainable and inclusive housing market that benefits current and prospective homeowners alike.

Overall, the CoreLogic study paints a picture of a housing market poised for continued growth, with certain cities emerging as hotspots for significant increases in home prices. Homeowners in these 20 cities will need to stay vigilant and monitor market trends as they navigate the evolving landscape of the real estate market in the coming years.