Published Jan. 4|Updated Jan. 4
Tampa Bay was Zillow’s top housing market of 2022. But then last year, it fell off the real estate firm’s annual list of the 10 hottest real estate metropolitans.
This year, Tampa Bay is back — but barely.
Tampa Bay was named the 10th hottest market in the nation for 2024, Zillow announced Thursday. Tampa and Orlando were the only Florida cities on the list, with Orlando at ninth place.
Last year’s ranking included Miami and Jacksonville, both of which fell off the list this year.
Cheaper Midwest cities take the lead
Affordability was a leading factor for the hottest markets of the year after rents and home values soared during the pandemic, according to Zillow.
The annual list is made by calculating home value appreciation, how long houses are on the market and job growth per new homes.
While the hottest markets were primarily southern or Sun Belt cities in previous years, many of 2024′s rising markets are in the upper Midwest and the Great Lakes region.
Zillow named Buffalo, New York, as the 2024′s hottest market. And there are three Ohio cities that made the top 10. Buffalo had the most new jobs per new home, according to Zillow, a sign of high demand.
The average home in this year’s top three hottest markets were cheaper than Tampa Bay’s, according to Zillow’s data.
Tampa Bay home values average more than $375,000. The national average is $347,415.
Meanwhile, the average home in Buffalo is worth about $248,500. In Cincinnati: $271,000. In Columbus: $300,000.
“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 economic research data scientist Anushna Prakash said in a statement.
After a cooling last year from rising interest rates, Prakash said conditions are “cautiously optimistic” for the housing market to stabilize in 2024.
Zillow forecasts only 15 of the 50 largest markets will see home values rise. Even Buffalo’s home value is expected to fall 0.2% in 2024.
So what are this year’s coolest markets?
Zillow named five cities to watch: New Orleans, San Antonio, Texas, Denver, Houston and Minneapolis. New Orleans could see home values fall 6% this year, according to Zillow.
Zillow’s top 10 hottest markets of 2024
1. Buffalo, N.Y.
2. Cincinnati
3. Columbus, Ohio
4. Indianapolis
5. Providence, R.I.
6. Atlanta
7. Charlotte, N.C.
8. Cleveland
9. Orlando
10. Tampa
