Zillow Predicts Hottest Major Housing Markets for 2024

(Image courtesy of Zillow; Breakout image courtesy of Lara Jameson/pexels.com)

Zillow, Seattle, ranked what it anticipates will be the hottest major housing markets this year, with Buffalo, N.Y., claiming the top spot.

Influencing that ranking was that Buffalo had the highest number of new jobs per new home permitted–a factor Zillow cited as indicating expected demand.

Also in the top 10 are Cincinnati; Columbus, Ohio; Indianapolis; Providence, R.I., Atlanta; Charlotte, N.C.; Cleveland; Orlando, Fla., and Tampa, Fla.

Charlotte was deemed the hottest market last year.

Among the most notable list changes was San Antonio, which ranked No. 4 in 2022, No. 13 in 2023 and now No. 49 in 2024.

Zillow’s ranking took into account the firm’s forecast for local home value growth and the speed at which homes are going under contract, along with other factors such as job growth and the number of owner-occupied households.

“Housing markets are healthiest where affordable home prices and strong employment are giving young hopefuls a real shot at buying and starting to build equity,” said Anushna Prakash, Data Scientist for Zillow Economic Research. “I’m cautiously optimistic that the housing market will get back on stable footing in 2024–we shouldn’t see the massive price spikes of the early pandemic or fast-rising mortgage rates of recent years.”