Buffalo, New York, will be the hottest real estate market this year, according to a new analysis from Zillow. Affordability is the most powerful force driving real estate, driving lower-cost markets in the Great Lakes, Midwest and South regions to the top of Zillow’s rankings by 2024.
“Real estate markets are healthier where Affordable home prices and solid employment are giving young hopefuls a real chance to buy and start accumulating capital,” said Anushna Prakash, data scientist at Zillow Economic Research.
“I am cautiously optimistic that the housing market will stabilize again in 2024; we shouldn’t see massive price increases of the early pandemic nor the rapid rise in mortgage rates of recent years,” Prakash added.
The ranking of the country’s 50 most populous metropolitan areas takes into account Zillow’s forecast for the local home value growth and the speed at which home sellers enter into contracts with buyers. It also considers the growth in employment per new housing permitted and the growth in owner-occupied homes.
Among the favorites, Buffalo has the highest number of new jobs per new house alloweda measure of expected demand, the Zillow report notes: “New jobs often mean new residents, which increases competition and drives up prices unless new construction can meet that additional demand.”
Inventory is moving extremely fast in Cincinnati, and Columbus is home to the fastest-expected increase in owner-occupied homes, an indication of family formation and population growth.
Housing costs hit record levels for both buyers and renters in 2023. This made buying and selling an expensive proposition.even for owners with a lot of capital.
The most popular markets in 2023 were relatively affordable, and a Zillow study of United Van Lines data shows that households moving were attracted to areas where the houses were approximately $7,500 less than in the area they were leaving.
According to the report, affordability should improve in 2024, but it will continue to be the biggest driver of the real estate market. Competition for housing is already high in the affordable markets of the Great Lakes and Midwest. Homes listed in these areas tend to go under contract faster than the national average.
Statistics for Zillow’s Most Popular Markets in 2024
Mercado (1): Buffalo, New York
Typical home value: $248,445
Mortgage payment (5% down): $1,792
Typical rent: $1,257
Days on market: 14
Mercado (2): Cincinnati, Ohio
Typical home value: $270,826
Mortgage payment (5% down): $1,959
Typical rent: $1,527
Days on market: 11
Mercado (3): Columbus, Ohio
Typical home value: $301,138
Mortgage payment (5% down): $2,177
Typical rent: $1,431
Days on market: 11
Mercado (4): Indianapolis, Indiana
Typical home value: $268,125
Mortgage payment (5% down): $1,944
Typical rent: $1,468
Days on market: 19
Mercado (5): Providencia, Rhode Island
Typical home value: $455,609
Mortgage payment (5% down): $3,288
Typical rent: $2,039
Days on market: 14
Mercado (6): Atlanta, Georgia
Typical home value: $373,212
Mortgage payment (5% down): $2,701
Typical rent: $1,903
Days on market: 26
Mercado (7): Charlotte, NC
Typical home value: $371,844
Mortgage payment (5% down): $2,688
Typical rent: $1,791
Days on market: 16
Mercado (8): Cleveland, Ohio
Typical home value: $215,597
Mortgage payment (5% down): $1,556
Typical rent: $1,330
Days on market: 12
Mercado (9): Orlando, Florida
Typical home value: $388,048
Mortgage payment (5% down): $2,806
Typical rent: $2,013
Days on market: 23
Mercado (10): Tampa, Florida
Typical home value: $375,338
Mortgage payment (5% down): $2,717
Typical rent: $2,091
Days on market: 24
Mercado: United States (average)
Typical home value: $347,415
Mortgage payment (5% down): $2,514
Typical rent: $1,982
Days on market: 21
Keep reading:
· Real estate market myths that affect buyers and sellers in the US today.
· Housing: Good news, mortgage rates fall to the lowest level since May 2023
· Places homebuyers are moving to in the US.
2024-01-19 14:27:14
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