The US real estate market is heading towards stabilization in 2024and according to the projections of Zillow, Buffalo, New York, is positioned as the most competitive market among the top 50 cities in the country. This prediction is based on key factors such as affordability, the level of new jobs per new housing permitted, and stable home prices.
Buffalo stands out as the most competitive housing market for next year, according to analysis Zillow. The median home value in Buffalo is $248,445, with a stay on the market of only 2 weeks. Furthermore, a slight decrease in value of 0.2 percent is projected in 2024.
Other cities shaping up to be competitive in the real estate market next year include Cincinnati, Columbus, Indianapolis, Providence, Atlanta, Charlotte, Cleveland, Orlando and Tampa. Providence stands out as the city in the ranking with the highest typical home value, reaching US$455,609, while Cleveland is at the opposite extreme with the lowest value, US$215,597.
Real estate market data in the United States
At the national level, The typical home value in the United States is set at $347,415, and the average 30-year fixed mortgage rate is 6.62 percent.. These data reflect the dynamics of the real estate market nationwide, where greater stability is expected compared to the massive price increases experienced during the pandemic and rapid increases in interest rates.
Zillow's projections point to a more stable market in 2024, marking a contrast to the significant fluctuations seen in recent years. The absence of massive price increases and rapid interest rate increases offers a more favorable scenario for buyers.
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Featured cities offer buyers a balance of affordability, employment and price stability.
The importance of affordable prices and a strong labor market remains a crucial factor in home purchasing, especially by the young population. Recent figures from the National Association of Realtors, which reported 3,820,000 existing home sales in November 2023, and Redfin, which reported 789,500 active home listings as of the end of December 2023, indicate continued activity in the real-estate market.
In the words of Anushna Prakash, data analyst at Zillow, “the stability and competitiveness of these markets are critical for buyers, and these cities are well positioned to offer those qualities.” As we head into 2024, the U.S. real estate market landscape appears to offer promising opportunities, especially in cities like Buffalo, which are leading the way toward stability and competitiveness.
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