This year’s hottest spots for US real estate include Orlando and Tampa property, tipped for their warm weather and affordability. The two Florida metros form part of Zillow’s top ten housing markets for 2024.
Top 10 US real estate markets in 2024
Every year, the property portal Zillow lists the hottest markets in the US and the 2024 edition underlines affordability. Property in all the top ten metros is cheaper than the median across the US, highlighting homebuyers’ search for homes they can afford.
Zillow attributes this shift to burgeoning interest rates, which have eaten away at affordability over the last two years. Homebuyers are no longer placing the emphasis on industrial hotspots or warm weather locations.
As a result, the two hottest US real estate markets in 2024 are Buffalo in New York state and Cincinnati. Once again, the US Midwest is back in fashion, “reversing a multi-year trend of people moving to the Sun Belt”.
Orlando and Tampa property in top 10
However, despite this shift to locations in the Mideast and Northeast, the Sunshine State remains a perennial favourite. Proof of this appeal lies in the fact that both Orlando and Tampa form part of the ten hottest real estate locations this year.
The two Florida metros sit in ninth and tenth positions, respectively. Orlando and Tampa property offers buyers prices that sit within the US median and the chance to enjoy a year-round pleasant climate. Florida’s low taxation levels are another draw.
In addition, both metros were among the best places for property development this year.
Supply of Orlando property surges
Low inventory levels are one of the biggest obstacles in the path of would-be buyers in the US. However, the Orlando property market shows signs of reversing this trend.
Figures for November reveal that the number of homes on the market has risen by 14% in a year, taking supply to over four months. Analysts point out that this is the first time since January 2019 and augers well for the market in 2024.
(Sources: Zillow, WMFE)