Columbus ranks among hottest housing markets for 2024
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Map: Courtesy of Zillow
Zillow predicts the Columbus metro area will be one of the hottest housing markets in 2024, according to its annual report.
Why it matters: The 10 hottest markets of the year — three of which are in Ohio — are projected to have strong demand, steady home values, a growing number of homeowners and job growth, per the report.
Zoom in: Columbus, No. 3 on the list, jumped 17 spots from 2023 to 2024.
- A fast-paced market and steady projected home values (+0.5%) contributed to our rise.
- Zillow also predicts Columbus will have the highest percentage of new owner-occupied homes compared to any other major metro in 2024.
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 Columbus is $301,138, compared to the U.S. average of $347,415.
Reality check: It's still more expensive to buy in Columbus than ever before, keeping homeownership out of reach for many.
- The annual income required to afford a median-priced local home last fall was just over $90,000, or $43.27 hourly.
The other side: Zillow reports the South, Midwest and Great Lakes regions are expected to thrive compared to the rest of the country. 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.