What Homes Will Be Worth in 15 Popular Places Next Year

If you have your eyes set on moving next year, then you will want to know what home prices are forecasted to be in your chosen destination. 

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Nationwide home values are expected to increase by 5.9% (about $20,000) next year, according to Zillow. This means the average U.S. home value in May 2024 is projected to be $366,700, up from $346,270 this year. 

Knowing what to expect can help you decide whether you want to buy now or wait to sell your property.

Check out what the home values are projected to be in May 2024 at these 15 popular places.

• May 2024 forecasted home value: $242,990

On par with the nationwide average, home values in Oklahoma City are forecasted to increase by 5.9%. In May 2023, home values in the area were $229,452. Next year they are projected to be $242,990, representing an increase of $13,538.

• May 2024 forecasted home value: $261,271

The average home value in May 2023 in Birmingham was $246,250. Home values are expected to increase by 6.1% over the next year, bringing the forecasted home value in May 2024 to $261,271. This represents a year-over-year change of $15,021.

• May 2024 forecasted home value: $377,621

It is anticipated that the home values in Richmond will increase 6.1%, a bump of $21,711 over May 2023.

• May 2024 forecasted home value: $409,494

The popular destination of Orlando is expected to see a home value increase of 6.2% over the next year. In May 2023, the average home value in the area was $385,587. If the forecast is correct, homeowners may see an increase in value of $23,906 on average.

• May 2024 forecasted home value: $324,111

Home values in Columbus for May 2023 were set at $304,902. It is expected that they will increase around 6.3% over the next year, bringing the May 2024 forecasted home value to $324,111 — a $19,209 increase from the previous year.

• May 2024 forecasted home value: $461,005

In Raleigh, it is expected that home values will grow 6.3% over the next year. This represents a $27,322 increase over the May 2023 home value of $433,683.

• May 2024 forecasted home value: $288,527

In May 2023, the average home value in Cincinnati was $271,172. It is predicted that home values will increase by around 6.4% by May 2024, bringing the projected home value to $288,527 — a $17,355 jump. 

• May 2024 forecasted home value: $397,531

Homeowners in Atlanta may see a 6.5% growth in home value over the next year. Experts believe the average home value could increase by $24,262 from the May 2023 value of $373,268.

• May 2024 forecasted home value: $385,888

In Jacksonville, Zillow noted that the average home value for May 2023 was $361,657. It could increase by 6.7% over the next year, bumping the May 2024 forecasted home value by $24,231.

• May 2024 forecasted home value: $251,628

The year-over-year forecasted change in home value for Memphis is $16,462. This represents a 7% increase from the May 2023 home value of $235,167.

• May 2024 forecasted home value: $295,108

Potential homebuyers in Indianapolis should anticipate a $19,821 increase in home value by May 2024. The jump represents a 7.2% projected growth from the May 2023 home value of $275,827.

• May 2024 forecasted home value: $489,488

Miami had a May 2023 home value of $455,761. Analysts forecast a year-over-year home value forecast change of 7.4%. This means that hopeful homebuyers will pay approximately $33,726 more for their homes in 2024.

• May 2024 forecasted home value: $401,397

If you are considering buying a home in Charlotte, you need to consider the projected 7.6% change in home value. In May 2023, the home value in the area was $373,046; it is believed it will increase by $28,351 next year.

• May 2024 forecasted home value: $470,674

Individuals thinking of relocating to Nashville may want to buy sooner rather than later. Home values are forecasted to increase by 7.7% by May 2024. This means that the May 2023 home value of $437,024 will jump $33,651 over the next year.

• May 2024 forecasted home value: $399,310

And finally, if you are hoping to move to Tampa, you could see as much as a 7.8% change in home value by May 2024. The average home value for the metro area in May 2023 was $370,418. It is expected to change by $28,893 in the next year.

Methodology: GOBankingRates looked at the 50 largest metro housing markets as sourced from Zillow’s May 2023 data. For each metro, GOBankingRates found (1) May 2023 home value; (2) year-over-year home value forecast percent change; (3) May 2024 projected home value; and (4) monetary year-over-year forecasted home value change. All data was collected and is up to date as of July 5, 2023.

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