Why Upstate NY's Buffalo will be 2024’s Hottest Market According to Zillow
"Zillow’s annual predictions for the hottest housing markets of the year. Factors include expected home value growth, projected change in owner-occupied households and job growth compared to new construction.
- 2024’s hottest markets all boast solid economic fundamentals, relatively fast-moving for-sale housing inventory, plentiful likely buyers and expectations for stable home values.
- The Midwest, Great Lakes and South are home to most of 2024’s hottest markets – Cincinnati, Columbus, Indianapolis and Providence top this year’s list.
- Last year’s hottest market, Charlotte, remains near the top of the list in 2024, in part thanks to expectations for a modest increase in home values.
Zillow expects Buffalo, N.Y., to be the nation’s hottest housing market in 2024, with Cincinnati, Columbus, Ohio, Indianapolis and Providence, R.I. rounding out the top five. These should stand out as strong in a housing market still buffeted by low inventory and relatively high mortgage rates and prices. While mortgage rates have come down significantly in recent weeks, and projections for improved affordability and more homes for sale have become more common, the challenges that limited the U.S. housing market last year are unlikely to disappear entirely in 2024." JAN 04 2024