Top 3 Hottest Housing Markets of 2024 

hottest housing markets of 2024

2024 is finally here and the housing market is gearing up! From Zillow to popular real estate YouTubers, everyone is talking about this one thing – which cities will become the hottest housing markets of 2024?

This is because these housing markets are where the action is. From urban epicenters to suburban gems, knowing where the potential lies can make or break the property game. 

So, in today’s post, we will unravel the top 3 housing markets of 2024 in the US and why they’re stealing the spotlight this year. We will also discuss the fate of the DFW real estate market. Let’s dive in!

What Factors are Driving the US Real Estate in 2024?

Every year, certain factors drive buyers to a particular type of housing market in the US. Zillow’s recent market analysis has highlighted two main driving factors for 2024:

  1. Affordability
  2. Job Opportunities

Anushna Prakash, who is a reputable data scientist and Zillow’s team member, states: “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.”

So, it’s evident that young adults will be forming a big chunk of the buyers’ market. Low-price properties in an area with a lot of job opportunities will be high in demand. This also explains why builders have been focusing so much on single-family units and build-to-rent homes. 

That being said, some markets may be influenced by other factors. For example, since last year, Florida has become a top choice for baby boomers. These people find Florida’s warm temperature and tax-friendly policies ideal for retiring. 

Top 3 Hottest Housing Markets of 2024

Now that we know the factors driving the market, let’s have a look at the top 3 hottest housing markets of 2024 and why Zillow thinks of them as the cream of the real estate crop!

Important

Zillow’s analysis included the 50 largest metropolitan areas in the country. Its methodology was based on the expected increase in home values from December 2023 to November 2024, employment expansion associated with each newly permitted home, and rise in the number of owner-occupied households.

1. Buffalo, NY

Buffalo, a city along Lake Erie, is renowned for its rich industrial history, stunning architecture, and vibrant cultural scene. Zillow has crowned it the hottest housing market of 2024, forecasting a substantial surge in home values. 

The city’s economic upswing, tied to employment growth spurred by new housing permits and a rising trend in owner-occupied households, positions Buffalo at the forefront of real estate opportunities. It is an enticing prospect for both homebuyers and investors alike.

2. Cincinnati, Ohio

Nestled along the banks of the Ohio River, Cincinnati is a city that seamlessly blends historic charm with a dynamic modern vibe. It is recognized for its thriving arts scene, professional sports, and diverse neighborhoods. 

Cincinnati is undoubtedly the hidden gem in the real estate landscape. So, when Zillow listed it as the second-hottest housing market in 2024, we weren’t surprised. The place has so much potential in terms of jobs and economic growth. 

3. Columbus, Ohio

Columbus, another city in Ohio, has been performing well for the last couple of years. A sizable increase in both GDP and population was recorded recently. So, this city has earned its position as the third hottest housing market of 2024. 

Other Hottest Housing Markets on the List

  • Indianapolis, Indiana
  • Providence, Rhode Island
  • Atlanta, Georgia
  • Charlotte, North Carolina
  • Cleveland, Ohio
  • Orlando, Florida
  • Tampa, Florida 

Where is DFW headed in 2024?

You must have noticed that Dallas Fort Worth was not mentioned above. Even though the metro is known to be the top buyer’s market, it did not make it to Zillow’s hottest housing markets of the 2024 list. 

This is because DFW’s market saw a series of ups and downs in 2023. We don’t expect the market to be on the top, but there are some mind-blowing predictions that you should be aware of. 

Read our detailed post DFW HOUSING MARKET FORECAST FOR 2024 to learn more!

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