Austin, Texas, took the first spot on the list. Despite a 7.7% decrease in housing prices in 2023, Austin has become a favorite among "repeat buyer" homeowners. If mortgage rates drop in 2024, 5.1% of households can afford medium-priced homes again. Additionally, the influx of high-income millennials has further boosted the market.

Dallas, Texas, secured the second position. Dallas experiences rapid job market growth, with a job creation rate exceeding 4%. Moreover, 21.5% of tenants have the ability to purchase medium-priced homes, and with the expected decrease in mortgage rates in 2024, real estate activity in the city is expected to increase further.

Dayton, Ohio, saw a 9.1% increase in housing prices in 2023. With 30.6% of tenants capable of purchasing over half of the homes in the city, it provides many affordable choices for first-time homebuyers. Additionally, the robust job market in the region will help more renters transition to homeownership.

Durham/Chapel Hill, North Carolina, secured the fourth position. Despite facing issues like a lack of affordable housing for first-time buyers and high costs, it has the highest proportion of repeat buyers. Additionally, rapid wage growth, with average income increasing by 13 percentage points compared to the previous year.

Harrisburg, Pennsylvania, claimed the fifth spot. Over 30% of tenants can afford housing in the city, attracting high-income tenants from other states. Moreover, with the expected decrease in mortgage rates in 2024, existing homeowners selling properties are anticipated to increase the city's inventory and purchasing activity.

Houston, Texas, experienced a 3.7% increase in housing prices in 2023. However, the city's strong affordability and job market will drive real estate activity.

Nashville, Tennessee, faces challenges such as whether first-time buyers can afford and a shortage of housing, but the city's proportion of repeat buyers is expected to increase, attracting many high-income tenants.

Philadelphia, Pennsylvania, saw a 4.6% increase in housing prices, but homeowners in the city possess properties for a more extended period, presenting challenges for first-time buyers.

Portland, Maine, experienced a 12.3% increase in housing prices in 2023, attracting many high-income millennial tenants, and has the lowest violent crime rate.

Lastly, Washington D.C. has seen stable price increases, and tenants have the ability to purchase medium-priced homes. In conclusion, these cities' real estate markets are expected to be active in 2024, but the specifics will be influenced by economic, interest rate, and other factors.