Tampa Bay was Zillow’s top housing market for 2022, but last year it fell off the real estate company’s annual list of the top 10 most popular real estate metropolises.
Tampa Bay is back this year, but just barely.
Zillow announced Thursday that Tampa Bay has been named the 10th hottest market in the nation in 2024. Tampa and Orlando are the only Florida cities on the list, with Orlando coming in at No. 9.
Miami and Jacksonville were included in last year’s rankings, but both are missing from this year’s list.
Cheap Midwestern cities take the lead
Affordability has become a major factor in this year’s hottest markets after rents and home prices soared during the pandemic, according to Zillow.
This annual list is created by calculating home value growth, the length of time a home stays on the market, and job growth per new home.
While the hottest markets in previous years were primarily cities in the South and Sunbelt, many of the rising markets in 2024 will be in the upper Midwest and Great Lakes region.
Zillow named Buffalo, New York, the hottest market in 2024. There are three Ohio cities in the top 10. According to Zillow, Buffalo has the highest number of new jobs per new home built, a sign of high demand.
The average home in the top three hottest markets this year was cheaper than in Tampa Bay, according to Zillow data.
The average home price in Tampa Bay is over $375,000. The national average is $347,415.
Meanwhile, the average home in Buffalo is worth about $248,500. Cincinnati: $271,000. For Columbus: $300,000.
“The healthiest housing markets are where affordable home prices and strong employment allow promising young people to actually buy and start building wealth,” Anushna Prakash, economic research data scientist at Zillow, said in a statement. said.
Prakash said he was “cautiously optimistic” that the housing market would stabilize in 2024, after stabilizing last year with rising interest rates.
Zillow predicts that home prices will increase in only 15 of the 50 largest markets. Even Buffalo home prices are expected to decline by 0.2% in 2024.
So what are the coolest markets this year?
Zillow named five cities to watch: New Orleans, San Antonio, Texas, Denver, Houston, and Minneapolis. According to Zillow, home prices in New Orleans could drop 6% this year.
Zillow’s Top 10 Hottest Markets in 2024
1. Buffalo, New York
2. Cincinnati
3. Columbus, Ohio
4. Indianapolis
5. Providence, Rhode Island
6. Atlanta
7. Charlotte, North Carolina
8. Cleveland
9. Orlando
10. Tampa