Denver sits low on Zillow's 2024 list of hot markets
Denver is ranked 48th out of 50 on Zillow's predictions for the hottest U.S. housing markets in 2024, eight spots lower than in 2023.
Why it matters: Being not-hot isn't necessarily a bad thing in this instance.
The big picture: New Orleans, San Antonio, Denver, Houston and Minneapolis sit at the bottom of this year's ranking of Zillow's hottest housing markets.
Zoom in: Denver earned a low ranking, in part, because Zillow predicts local home prices will fall 2% in 2024.
What they're saying: "Denver may be experiencing affordability whiplash following monumental hikes in costs in recent years," Zillow senior economist Nicole Bachaud tells Axios.
- The continued downward correction is good news for buyers, still barred by affordability.
The other side: Buffalo, New York; Cincinnati and Columbus, Ohio; Indianapolis; and Providence, Rhode Island, are anticipated to be the hottest markets, according to Zillow.
- These metros are projected to have strong demand and steady home values, per the report.
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