Jan 12, 2024 - Real Estate

Denver sits low on Zillow's 2024 list of hot markets

Illustration of a real estate sale sign shaped like a downward point arrow

Illustration: Annelise Capossela/Axios

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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