According to Zillow, the Midwest and Great Lakes regions will be some of the hottest housing markets in the United States this year.
The real estate market predicted that Buffalo, New York, along with Cincinnati, would be the “hottest housing market in America in 2024.'' Columbus, Ohio. Indianapolis; and Providence, Rhode Island, round out the top five.
Zillow added: “These properties should stand out especially in a housing market that continues to be plagued by low inventory and relatively high mortgage rates and prices.” Report released last week.
Other cities in Zillow's predicted top 10 hottest housing markets for 2024 include Atlanta; Charlotte, North Carolina. Cleveland, Orlando, Florida. and Tampa, Florida.
“Buffalo has moved to the top of the list due to the recent increase in the number of jobs created relative to the number of new home construction projects approved and expectations for stable home prices.” the report continued.
“Meanwhile, Cincinnati's No. 2 ranking can be attributed to the high velocity of its market. In most months of 2023, Cincinnati had only 5 to 6 homes on hold at a median price of It was put on hold for a day.”
Zillow said its rankings are based on data such as annual home value growth projections through November of this year and a list of days per home from January to November of last year.
Mortgage rates dipped below 7% in mid-December for the first time since August, after the Federal Reserve signaled that interest rates could be cut this year, according to Freddie Mac data. Ta.
“Given the continued slowdown in inflation and the Federal Reserve's current expectation that it will lower its federal funds rate target rate next year, we believe that “The housing market is likely to gradually thaw.” he said in a statement last month.
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