Jan 8, 2024 - Real Estate

Zillow predicts Cleveland will be a hot housing market in 2024

Chart: Zillow

Cleveland will be one of the hottest housing markets in 2024, though we've slipped from the 2023 No. 2 spot, according to an annual Zillow report.

Driving the news: Buffalo, New York; Cincinnati; Columbus, Ohio; Indianapolis, Providence, Rhode Island; Atlanta; Charlotte, North Carolina; Cleveland; Orlando, Florida; and Tampa, Florida, top this year's ranking.

Why it matters: The hottest markets of the year are projected to have strong demand, steady home values, a growing number of homeowners and job growth, per the report.

Zoom in: A fast-paced market and relatively steady projected home values (-0.4%) keep Cleveland in the top 10 (No. 8).

  • However, Zillow expects a slight decline in owner-occupied households for Cleveland.

What they're saying: "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 says.

  • The projected typical home value in Cleveland is $215,597, compared with the U.S. average of $347,415.

The other side: Zillow reports the South, Midwest and Great Lakes regions are expected to thrive compared with the rest of the U.S. No markets in the western half of the country cracked the top 10.

  • Home prices and homeownership rates are expected to decline in New Orleans, San Antonio, Denver, Houston and Minneapolis. These metro areas are expected to be the coolest in 2024, per the report.

Yes, but: Experts expect it to be another slow year in housing for everyone, with still-high mortgage rates pricing many out of buying — or selling.

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