🔎 Housing predictions: Which US markets will be hot in 2024?

Homebuyers may flock to Buffalo, NY in 2024 ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ [Better] [Better]( This week's mortgage rates [Rate chart] [Rate chart]( Source: US average mortgage rates from [FreddieMac]( --------------------------------------------------------------- Better Mortgage Interested in today's rates? [See Better Mortgage rates]( --------------------------------------------------------------- #FundFact 🦬 Buffalo, NY has been named #1 for the hottest US housing market in 2024.¹ Things to know Housing predictions: Which US markets will be hot in 2024? Housing predictions: Which US markets will be hot in 2024? Aspiring homebuyers sat through a tumultuous housing market during 2023—we hit historic lows in mortgage application volume, and saw interest rates hit highs we haven’t seen in decades. While challenges that existed in 2023 like historically low housing inventory and elevated home prices will not be completely resolved right away, homebuyers who may have previously been priced out or left on the sidelines may have better luck in 2024. Signs are pointing in the right direction. Mortgage rates steadily declined over the last few months of 2023 and the average 30-year fixed rate fell to 6.6% for the week ending January 18—the lowest level since May 2023.² Not only that, but the change in rates may have nudged homebuyers to make moves in their homebuying journey; mortgage applications from December 2023 were up 22.2% compared to December 2022.³ The Mortgage Bankers Association (MBA) predicts that total mortgage origination volume will increase from an anticipated $1.64 trillion in 2023 to $1.95 trillion by the end of 2024.⁴ Which housing markets should be on prospective homebuyers radar in 2024? [Rate chart] [Rate chart]( Buffalo wings, named after Buffalo, NY, aren’t the only thing that’ll be hot this year! Earlier this month, [Zillow released its annual predictions]( for the hottest housing markets of 2024. Buffalo, NY took spot number one. The predictions are based on an analysis of home value growth, recent housing market activity, projected changes in the labor market, home construction activity, and number of homeowner households in the top 50 metropolitan areas according to population. Buffalo took the crown based on its affordability—which makes homeownership a real possibility, especially for younger generations looking to purchase their first home. The average home price came in at $248,445⁵, significantly lower than the national median of $389,800.⁶ That would make a 3% down payment (the minimum down payment requirement for a first-time home buyer) less than $10,000. In addition to affordability, Buffalo’s job market is expected to grow. And new jobs typically means new residents. Buffalo currently has the highest number of new jobs being created compared to the number of home construction project approvals.⁵ The remaining markets on the list are located in the south, the midwest, and the Great Lakes area. Coming in second and third for the 2024’s hottest housing markets are Cincinnati and Columbus, OH. Similarly to Buffalo, these markets tend to be more affordable but what sets them apart is how quickly inventory seems to be moving. Homes in these areas spend an average of 11 days on the market⁵ — the shortest amount of listing days compared to other markets, indicating this is where homes generally sold the fastest and signs of population growth. Choosing where to lay down roots isn’t always as easy as choosing the “hottest” housing market but while housing inventory remains low, and home prices are still elevated it’s a good idea to understand where markets are strong if you’re in the market to buy. --------------------------------------------------------------- Better Mortgage Did you buy a home when rates peaked last year? [Check your refi savings]( --------------------------------------------------------------- Press play Follow us on social to stay up to date with the latest mortgage tech, tips, and tools: Watch on [TikTok]( • [Instagram]( • [YouTube]( • [Facebook]( --------------------------------------------------------------- Better Mortgage Questions? 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