Buffalo, New York, will be the nation's hottest housing market for the second year in a row due to its stable job market and affordable housing prices. According to the report Online real estate marketplace Zillow made the announcement Tuesday.
The report predicts that by 2025, both home sales and home prices will remain steady but moderate nationwide, although fluctuating mortgage rates and affordability remain obstacles for potential homebuyers. We predict that it will grow.
Indianapolis' second place on the list is due in part to a “robust” home price forecast for 2025, which is expected to rise from last year.
Providence, Rhode Island. Hartford, Conn.; Rounding out the top five most popular housing markets was Philadelphia, Pa., according to the report.
This report is based on an analysis of recent market velocity, labor market changes, homeownership numbers, homebuilding activity, and home value growth.
Buffalo, located in Western New York near the Canadian border, has the highest number of new jobs per new home allowed, a key factor in the rankings and relatively high expectations, Zillow said.
Compared to last year's list, Virginia Beach had the biggest jump, jumping out of 23 markets to finish in 13th place, with job growth “far outpacing” new housing permits, according to the report.
Memphis fell the most, dropping 30 spots as new housing permits were overshadowed by relatively low job growth.
“By 2025, 42 of the 50 largest markets will Homeownership rates are expected to increase in the market. The market with the highest rate of increase in condominiums is Austin, where trends suggest that more than 8.9% of households are homeowners (available to purchase). “Orlando and Jacksonville follow at 8.6% and 7.8%, respectively,” Zillow economic analyst Anushna Prakash said in the report.
Birmingham, Alabama is one area where the number of homeownership households is expected to decline. Hartford; and Oklahoma City.
