The real estate world is always changing, and 2024 is no different. This year, we’re seeing some specific areas stand out as the 2024 hottest housing markets. These places have a strong mix of good jobs, homes selling quickly, and stable prices. Let’s dive into what makes these areas hot this year.

Why These Markets Are Hot:

This year, the top spots for real estate include Buffalo in New York, Cincinnati, Columbus in Ohio, Indianapolis, and Providence in Rhode Island. What makes these places stand out? They’ve got a good number of jobs compared to the number of new houses being built, and homes are selling fast. This means there are lots of people wanting to buy homes, but not too many homes available, which keeps these areas in demand.

2024 Hottest Housing Markets Predicted by Zillow

Buffalo, NY

• Housing Market: Buffalo’s housing market is experiencing steady growth, with home values showing a 4.0% increase over the previous year, indicating a positive trend for homeowners.
• Cost of Living: The overall cost of living in Buffalo is 5% lower than the national average, with a median sale price that is significantly lower than the national average, making it an affordable place to live.

Cincinnati, OH

• Housing Market: The median sold price in Cincinnati saw a 13.1% increase, indicating a healthy market with growing interest from buyers and investors.
• Cost of Living: Cincinnati is known for its affordable cost of living and diverse neighborhoods that cater to different preferences and budgets.

Columbus, OH

• Housing Market: The median sales price in Columbus increased to $305,000, with homes selling quickly at an average of just 22 days on the market.
• Cost of Living: Columbus offers affordable properties compared to other major cities, with a strong job market and a growing population, making it an attractive place for investment and living.

Indianapolis, IN

• Housing Market: Indianapolis is recognized for its balanced housing market with stable growth in home values. The demand for housing has been consistent, driven by the city’s economic expansion and increasing population.
• Cost of Living: The cost of living in Indianapolis is typically lower than the national average, with housing costs being a significant factor in the affordability of the city.

Providence, RI

• Housing Market: Providence has a dynamic housing market with a range of housing options. The market has been supported by the city’s cultural appeal and educational institutions.
• Cost of Living: The cost of living in Providence is slightly higher than the national average, influenced by the city’s historic charm and amenities.

Atlanta, GA

• Housing Market: Atlanta’s housing market has been robust, with an influx of new residents and businesses driving up housing demand. The city’s diverse neighborhoods offer a range of options for buyers.
• Cost of Living: While Atlanta’s cost of living is higher than some other cities in Georgia, it remains lower than many other major metropolitan areas, offering a balance of affordability and urban amenities.

Charlotte, NC

• Housing Market: Charlotte has experienced a strong housing market, with consistent growth in home values and a competitive market for buyers.
• Cost of Living: The cost of living in Charlotte is on par with the national average, making it an accessible city for a wide range of residents.

Cleveland, OH

• Housing Market: Cleveland’s housing market has shown signs of growth, with revitalization efforts in the city’s downtown and surrounding neighborhoods attracting attention.
• Cost of Living: The cost of living in Cleveland is generally affordable, with lower housing costs contributing to the city’s appeal.

Orlando, FL

• Housing Market: Orlando’s housing market is influenced by the city’s tourism industry and growing tech sector, with high demand for both residential and vacation properties.
• Cost of Living: Orlando’s cost of living is reasonable, though certain areas that are closer to tourist attractions tend to be more expensive.

Tampa, FL

• Housing Market: Tampa’s real estate market has been buoyant, with a steady increase in home values and strong interest from both local and out-of-state buyers.
• Cost of Living: The cost of living in Tampa is slightly above the national average, reflecting the city’s popularity and growth.

Who’s Buying Houses:

Different generations are shaping the housing market. Baby boomers aren’t leaving the housing market as they get older, which is different from before. Meanwhile, millennials are now reaching an age where buying a home is a big goal. However, not every city will see more people owning homes. Cities like Columbus are expected to see a rise in homeowners, but others might see a drop.

How Zillow Figures This Out:

Zillow uses a lot of data to decide which markets are the hottest. They look at things like how much house prices might go up, how fast homes are selling, job growth, and how many people are looking to own homes. All this info helps Zillow get a good picture of what’s happening in the housing market.

Conclusion:

Understanding the 2024 hottest housing markets is all about seeing the big picture. It’s a mix of how the economy is doing, what people in different age groups are doing, and how many houses are up for sale. For anyone thinking about buying or selling a home, knowing about these trends is super helpful.