Atlanta has secured the sixth spot in Zillow’s top 10 hottest housing markets for 2024, according to its annual report. The ranking is based on factors such as affordability, demand, home values, homeownership rates, and job growth.
Zillow predicts that the hottest markets of the year will have strong demand, steady home values, a growing number of homeowners, and job growth. The report also emphasizes affordability as a driving force for market heat, as many buyers are priced out of expensive coastal cities.
Atlanta, which jumped three spots from last year, is one of the most affordable markets in the top 10, with a typical home value of $391,685 as of November 30, 2023. The market is also fast-paced, with homes going to pending in around 28 days. Additionally, Atlanta has seen job and population growth, attracting young professionals and families.“
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,” Zillow data scientist Anushna Prakash said in a statement.
The other markets in the top 10 are Buffalo, New York; Cincinnati, Ohio; Columbus, Ohio; Indianapolis; Providence, Rhode Island; Charlotte, North Carolina; Cleveland, Ohio; Orlando, Florida; and Tampa, Florida. These markets are mostly located in the South, Midwest, and Great Lakes regions, where home prices and homeownership rates are expected to rise.
On the other hand, no markets in the western half of the country made the cut, as they face challenges such as high home prices, low inventory, and declining homeownership rates. Some of the coolest markets of 2024 are Denver, Houston, Minneapolis, New Orleans, and San Antonio, according to Zillow.
Experts expect 2024 to be another slow year in housing for everyone, with still-high mortgage rates and low supply limiting the options for buyers and sellers. However, Zillow offers a range of services to help buyers and sellers navigate the market, such as connecting with local agents, exploring financing solutions, scheduling home tours, and understanding their buying and selling power.
Ready to unlock the door to your dream home in Atlanta? Contact me, Raquel Twine, your trusted Real Estate Expert and Managing Broker at Atlanta Luxury Homes and Condos, and let’s turn your luxury living dreams into reality today!
