Jan 10, 2024 - Real Estate

New Orleans is last on Zillow's 2024 list of hot home markets

Graphic shows a red down arrow on a real estate sign

Illustration: Annelise Capossela/Axios

New Orleans is No. 50 (of 50) on Zillow's predictions for the hottest U.S. housing markets in 2024.

Why it matters: Being not-hot isn't necessarily a bad thing, in this instance.

The big picture: San Antonio, Denver, Houston and Minneapolis also sit near the bottom of this year's Zillow ranking of hottest housing markets.

Zoom in: New Orleans earned a low ranking in part because Zillow predicts local home prices will fall 6% in 2024.

What they're saying: New Orleans is a significant market because it's one place where "even pandemic-driven demand failed to take off," Zillow senior economist Nicole Bachaud tells Axios.

  • This relatively low demand should keep prices cool in 2024, compared to other U.S. metros.

The other side: Buffalo, Cincinnati, Columbus, Indianapolis and Providence are anticipated to be the hottest markets, according to Zillow.

  • Those metros are projected to have strong demand and steady home values, per the report.

Yes, but: Agents say there are more factors at play in Louisiana.

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