Buffalo, New York Takes the Lead as Hottest Housing Market of 2024
Real estate company Zillow has named Buffalo, New York as the hottest housing market of 2024, citing affordability as the main factor behind its top ranking. According to Zillow, lower-cost markets in the Great Lakes, Midwest, and South regions are leading the way.
Affordable home prices combined with strong employment opportunities have contributed to Buffalo’s rise to the top. This is particularly promising for young buyers who are looking to invest in their own homes and build equity. Anushna Prakash, a data scientist for Zillow Economic Research, expresses cautious optimism for the stability of the housing market in 2024. Prakash expects to avoid the massive price spikes witnessed during the early days of the pandemic and the fast-rising mortgage rates of recent years.
Recent weeks have seen a steady drop in mortgage rates, which has subsequently boosted existing-home sales. However, despite these positive developments, the shortage of available homes for sale is expected to continue in 2024. Buffalo stands out from the crowd due to its high number of new jobs per home permitted, indicating strong demand. The city’s ability to attract new residents through job growth is a significant factor in its ranking.
Zillow’s ranking takes into consideration various factors such as expected home value appreciation, job growth per new home permitted, growth in owner-occupied households, typical home value, average mortgage payment, typical rent, and average number of days houses spend on the market. Apart from Buffalo, other cities that made it to the top ten housing markets of 2024 include Cincinnati, Columbus, Indianapolis, Providence, Atlanta, Charlotte, Cleveland, Orlando, and Tampa.
Interestingly, Charlotte, which held the top spot in 2023, has dropped to seventh place in 2024. On the other hand, Cleveland and Atlanta have made a comeback to the top ten. San Antonio, which was ranked fourth previously, has seen a significant drop to the 49th position.
As the housing market continues to show promise, prospective buyers and real estate enthusiasts will undoubtedly keep a close eye on these thriving markets throughout the year.
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