Columbus named among Zillow’s hottest housing markets for 2024
COLUMBUS, Ohio (WCMH) — Ohio’s three largest cities have been named among the nation’s hottest major housing markets for 2024.
Cincinnati was named the second hottest housing market in the U.S. by a new Zillow analysis ranking the nation’s 50 largest metro areas. Buffalo, New York, was awarded the top spot, while Columbus placed third and Cleveland placed eighth.
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Indianapolis was ranked fourth; while Providence, Rhode Island, was fifth; Atlanta was sixth and Charlotte, North Carolina, was seventh. Cities in Florida rounded out the top 10, with Orlando ranked ninth and Tampa in 10th.
Latest stats for Zillow’s hottest markets in 2024
Market | Typical Home Value | Mortgage Payment [5% Down] | Typical Rent | Days on Market |
Buffalo, NY | $248,445 | $1,792 | $1,257 | 14 |
Cincinnati, OH | $270,826 | $1,959 | $1,527 | 11 |
Columbus, OH | $301,138 | $2,177 | $1,431 | 11 |
Indianapolis, IN | $268,125 | $1,944 | $1,468 | 19 |
Providence, RI | $455,609 | $3,288 | $2,039 | 14 |
Atlanta, GA | $373,212 | $2,701 | $1,903 | 26 |
Charlotte, NC | $371,844 | $2,688 | $1,791 | 16 |
Cleveland, OH | $215,597 | $1,556 | $1,330 | 12 |
Orlando, FL | $388,048 | $2,806 | $2,013 | 23 |
Tampa, FL | $375,338 | $2,717 | $2,091 | 24 |
The analysis also found that the national typical home has an average value of $347,415, with a mortgage payment of $1,982. Homes are averaging 21 days on the market.
Charlotte was named Zillow’s hottest market for 2023, and Cleveland and Atlanta also returned from last year’s top 10. San Antonio took a long fall to the 49th spot, after ranking 13th last year and fourth in 2022.
The ranking takes into account Zillow’s forecast for local home value growth and the speed at which home sellers are entering contracts with buyers. It also considers job growth per new home permitted and growth in owner-occupied households.
“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,” said Anushna Prakash, data scientist for Zillow Economic Research. “I’m cautiously optimistic that the housing market will get back on stable footing in 2024.”
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Buffalo had the highest number of new jobs per new home permitted, a measure of expected demand. The ranking said new jobs often mean new residents, which increases competition and drives prices up unless new construction can match that additional demand.
Zillow said inventory is moving extremely quickly in Cincinnati, and Columbus is home to the fastest expected rise in owner-occupied households, an indication of family formation and population growth.
The ranking comes as Columbus and Cleveland were also named the top markets in the U.S. for institutional landlords, investors who own at least 500 single-family homes in their portfolios. Institutional investors acquired more than 600 properties in Columbus and 203 properties in Cleveland throughout the past few months.
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