Zillow Group (NASDAQ:Z, ZG) has released its rankings of the hottest housing markets for 2024, with the lower-cost markets of the Great Lakes, Midwest and South the list.
In a study of the nation’s 50 most populous metros, Zillow chose Buffalo, New York as the year’s hottest market for its highest number of new jobs per new home permitted combined with a typical home value of $248,445. Zillow also noted the typical mortgage payment for this market was $1,792 while renters put out $1,257 per month to cover their housing costs.
The other top 10 markets were Cincinnati; Columbus, Ohio; Indianapolis; Providence, Rhode Island; Atlanta; Charlotte; Cleveland; Orlando; and Tampa. Charlotte topped last year’s list.
One metro that lost its appeal – at least according to Zillow – was San Antonio, which came in 49th on this year’s list after ranking 13th last year and fourth in 2022.
“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.”
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Zillow is for Entertainment only. It should not be used for investment purposes.
I feel the same way about Realtors.
Good one!
Are property taxes considered in this? RI has high ones!