diff --git a/Lib/sysconfig.py b/Lib/sysconfig.py
index 137932e..9c34be0 100644
--- a/Lib/sysconfig.py
+++ b/Lib/sysconfig.py
@@ -260,7 +260,12 @@
     while len(variables) > 0:
         for name in tuple(variables):
             value = notdone[name]
-            m = _findvar1_rx.search(value) or _findvar2_rx.search(value)
+            m1 = _findvar1_rx.search(value)
+            m2 = _findvar2_rx.search(value)
+            if m1 and m2:
+                m = m1 if m1.start() < m2.start() else m2
+            else:
+                m = m1 if m1 else m2
             if m is not None:
                 n = m.group(1)
                 found = True
diff --git a/Misc/NEWS b/Misc/NEWS
index 089388e..1d1146f 100644
--- a/Misc/NEWS
+++ b/Misc/NEWS
@@ -131,6 +131,9 @@
 Library
 -------
 
+- Issue #24705: Fix sysconfig._parse_makefile not expanding ${} vars
+  appearing before $() vars.
+
 - Issue #26069: Remove the deprecated apis in the trace module.
 
 - Issue #22138: Fix mock.patch behavior when patching descriptors. Restore