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

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.

• Last year was slow because of high interest rates and low inventory, according to one Shreveport real estate agent.
• A Baton Rouge agent cited the "golden handcuffs" phenomenon: People with mortgage rates below 4% couldn't move without spending a lot more cash.
• This year will be a seller's market in Louisiana with high demand and low supply of homes, according to a forecast from Houzeo, a for-sale-by-owner site.

Go deeper:

• Louisiana homeowners locked up by "golden handcuffs"
• Forecasted trends in Louisiana real estate this year