At least according to Zillow. According to the online site, Buffalo, New York, will be the hottest major housing market this year, Affordability is the most powerful force driving real estate, bringing lower-cost markets in the Great Lakes, Midwest and South regions.
This ranking of the nation’s 50 most populous metros 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.
Related: Florida Second Most Valuable State in U.S. Housing Market
Buffalo beats Tampa for top spot
Among the front-runners, Buffalo has the highest number of new jobs per new home permitted — a measure of expected demand. New jobs often mean new residents, which increases competition and drives prices up unless new construction can match that additional demand. 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.
Charlotte was dubbed 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.
