Buffalo, New York is projected to be the hottest housing market of 2024
Buffalo, New York is projected to be the hottest housing market of 2024, per Zillow.
Zillow emphasized affordability as the primary factor influencing real estate, propelling lower-cost markets in the Great Lakes, Midwest, and South regions to the forefront of its 2024 rankings.
Anushna Prakash, data scientist for Zillow Economic Research, highlighted that housing markets thrive where affordable home prices and robust employment opportunities provide aspiring homeowners with genuine opportunities to buy and begin building equity.
Prakash expressed cautious optimism about the housing market stabilizing in 2024, with expectations of avoiding the significant price spikes witnessed in the early pandemic and the rapid increases in mortgage rates seen in recent years.
While there are indications of improvement in the housing market for 2024, with a steady decline in mortgage rates over the past seven weeks, leading to increased existing-home sales, the shortage of homes for sale is a challenge that experts don't anticipate resolving soon.
Danielle Hale, chief economist for Realtor.com, acknowledged that households might have more options in 2024 due to a slight increase in single-family home construction and the completion of numerous multifamily units, primarily designated for rentals.
Zillow's Top 10 Housing Markets of 2024:
- Buffalo, New York
- Cincinnati, Ohio
- Columbus, Ohio
- Indianapolis, Indiana
- Providence, Rhode Island
- Atlanta, Georgia
- Charlotte, North Carolina
- Cleveland, Ohio
- Orlando, Florida
- Tampa, Florida
While Charlotte claimed the top spot last year, it has now moved to No. 7 in 2024. Cleveland and Atlanta maintained their positions from the previous year. Notably, San Antonio, which was ranked No. 4 in 2022, dropped to the 49th spot in 2024 after holding the No. 13 position last year.
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