The top housing markets of 2024 is surely a trending one for many of us, Isn’t it? According to the ranking examines the nation’s 50 most populous metros. It takes into account the Zillow’s forecast for local home value growth and the speed at which home sellers are entering contracts with buyers.
An analysis by real estate business Zillow predicts that the hottest home market of 2024 will be in Buffalo, New York.
Top Housing Markets of 2024:
Affordable housing is the “most powerful force driving real estate,” according to Zillow, which pushed lower-cost markets to the top of its 2024 rankings in the Great Lakes, Midwest, and South.
According to Anushna Prakash, data scientist at Zillow Economic Research, “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.”
“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,” Prakash stated.
There are some indications that in 2024, the housing market may do better. Over the last seven weeks, mortgage rates have steadily decreased; for a 30-year fixed mortgage, the average rate was 6.61% in the week ending December 28. According to the National Association of Realtors, existing-home sales increased in November, up 0.8% from October and ending a run of five consecutive months of decreases. This growth was attributed to reduced mortgage rates.
RelatedPosts
Top 10 housing markets of 2024, according to Zillow
- Buffalo, New York
- Cincinnati, Ohio
- Columbus, Ohio
- Indianapolis, Indiana
- Providence, Rhode Island
- Atlanta, Georgia
- Charlotte, North Carolina
- Cleveland, Ohio
- Orlando, Florida
- Tampa, Florida
Also Read: Check out the Iowa School Shooting Updates
