Florida: Home Values Expected to Grow Fast in 2 Cities
It’s a new year. If you’re looking to buy a home this year, there are certain areas in the U.S. that are hot. There are also certain areas that are growing fast. As it turns out, Florida has two of Zillow’s hottest housing markets. So, if you want to buy in a place where home values are expected to go up quickly, read on.
Before we get into our state, let’s look at overall housing trends for 2003. According to Zillow, “Home value growth slowed in 2023, fueled in large part by the highest mortgage interest rates seen since 2008.” They add that just “15 of the 50 largest markets are expected to see home values grow in 2024.” Also, “even the fastest-growing markets of 2023 are expected to see significant slowdowns in the year to come.”
The best housing market in all of America, according to Zillow, is Buffalo, New York. “Vaulting Buffalo to the top of the list are recent increases in the number of jobs created compared to the number of new homes construction projects being approved, as well as expectations for steady home values,” they explain. Second place goes to Cincinnati, Ohio. That’s thanks to “its high market velocity – for most months of 2023, homes that went pending in Cincinnati did so in a median of just five or six days.” Columbus, Ohio; Indianapolis, Indiana; and Providence, Rhode Island found out the top five.
So, which Florida towns are among Zillow’s hottest housing markets? They are Orlando, Florida, which is No. 9 on the list, and Tampa, Florida, at No. 10. Also, it’s worth noting that baby boomers are not “exiting the market as they age, a departure from previous generations at the same age, and millennials are aging into their prime home buying years as they hit their early and mid-thirties.” Find the entire list of the hottest housing markets in America, according to Zillow, here.