Jan 8, 2024 - Real Estate

Zillow predicts Indy will be one of the hottest housing markets in 2024

Zillow analyzed the 50 largest U.S. metro areas to forecast the hottest housing markets of 2024. Illustration: Courtesy of Zillow

Zillow predicts Indianapolis will be one of the hottest housing markets in 2024, according to its annual report.

Driving the news: In addition to Indy, Buffalo, New York; Cincinnati; Columbus, Ohio; 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: Indianapolis, No. 4 on the list, jumped 13 spots from 2023 to 2024.

  • A fast-paced market and steady projected home values (+0.7%) contribute to Indianapolis' rise.

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 other side: Zillow reports the South, Midwest and Great Lakes regions are expected to thrive compared to 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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