Experts reveal the five key signs the value of your home will skyrocket in 2024

Real estate experts say there are five key signs that your property will jump in value this year.

They are all things happening in your local town or neighborhood that share one thing in common: they will attract people - typically young, affluent families. This extra demand pushes up prices.

If you have recently purchased a home, these signs - such as a booming local economy that is creating new jobs - may indicate the investment is about to pay off. 

And if you are looking to move, real estate professionals say the five indicators - another being the quality of local schools - can help identify an up-and-coming area.

Below, DailyMail.com discusses all five signs, which also include improvements to infrastructure, developers focusing on 'homes of the future,' and relaxed rules around land use.

Some recent homebuyers are likely to enjoy significant appreciation on their homes, experts say

Schools are getting better

The idea that the quality of local schools correlates closely to the value of homes in the area is will established.

The more money invested in local schools, the more valuable houses become, even if it comes at the cost of higher local taxes, according to a 2021 study in the National Bureau of Economic Research.

According to a separate study in 2003, for every dollar spent on public schools in a community, home values increase by $20.

Lauren Byington, a realtor in Texas and Missouri, told DailyMail.com that 'families often prioritize access to reputable educational institutions.'

'The quality of schools within a particular area can be a major factor influencing home desirability,' she said.

According to the National Association of Realtors, prospective buyers can use online platforms to get a sense of the quality of schools in different areas. Those include Great Schools, School Digger and Public School Review.

Local economy is strong 

And while its important parents want to send their kids to local schools, the local job market is also a consideration.

James Shorten, president of land and real estate development firm Shorten Homes told GOBankingRates that house prices rise in tandem with the prospects of the area they are in.

Better quality schools in the vicinity of a home will significantly impact its value. Studies show investment in schools can drive up home prices

Real estate professionals have advised that investment in public amenities can boost demand. Pictured is Oklahoma public library

'Economic growth and the creation of new jobs are critical indicators of rising property values,' he said.

'In regions where we've developed properties, we've noticed that proximity to burgeoning economic zones - such as tech parks or commercial hubs - directly influences the demand for housing,' he added.

Investment in infrastructure 

And in strong economies, local infrastructure projects are also more likely to attract homebuyers.

Strong public transport and good public amenities are key to that, according to business and real estate lawyer David J. Greiner.

'I observed a marked increase in property values following investment in local infrastructure, such as road upgrades and the expansion of community facilities,' he told the publication.

'These improvements not only elevate the quality of living but also enhance the attraction of the area to potential buyers, driving up home values.'

Energy efficient and sustainable homes

The area around a home is important but so too it the home itself. While well-built homes are obviously more desirable, Americans are increasingly prioritizing energy-efficient homes.

According to a report by the National Association of Realtors, eco-friendly features potential homebuyers actively want to see in homes include programmable thermostats, radiant floor heating, solar panels and recycled materials.

Homes that have been fitted with eco-friendly features that reduce the cost of energy are more likely to interest buyers, according to the National Association of Realtors

Families also prioritize buying homes in areas where roads are well built and infrastructure is well maintained

'Homes with eco-friendly features are highly coveted, so they're likely to sell faster and possess a higher resale value in the future,' the trade association assured its agents.

While this may be specific to a house, those built in certain areas and developers may be more likely to have been fitted with modern features.

'Areas where we've introduced modern, energy-efficient modular homes often see a boost in property values,' Shorten told GOBankingRates.

'These homes, being quicker to construct and cost-effective, attract new demographics, fostering a community's growth and enhancing its appeal.'

Lenient zoning rules

Homebuyers also want reassurances that when they buy a home, use of the land will be flexible, so zoning laws are also important.

'Our experience navigating these changes has shown that properties in areas transitioning to mixed-use or with eased density restrictions offer ripe opportunities for development and investment,' said Shorten. 

'By adapting our projects to align with these zoning shifts, such as integrating multi-family modular units in traditionally single-family zones, we've effectively maximized land use and property values,' he added.