2024 Zillow’s Hottest Real Estate Market is in New York State

The real estate market is super hot in Western New York. Zillow has predicted the Buffalo, New York is the hottest market of 2024. Rounding out the top 3 for the year are Columbus and Cincinnati, Ohio.

But, what does this mean? Is this great for the buyer? Is this great for the seller.

For starters: don't expect too much to change. More stable buying perhaps.

Interest rates are still trending around 7%. Zillow doesn't expect that it is going to get THAT much better by the end of the year. Even when the interest rates get a little better throughout 2024, Zillow expects the inventory and the amount of houses being put on the market to stay somewhat constant--which will still make it a challenge for buyers.

What makes Buffalo a hot market?

"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," Anushna Prakash, data scientist for Zillow Economic Research, said in a news release.

"I'm cautiously optimistic that the housing market will get back on stable footing in 2024 − we shouldn't see the massive price spikes of the early pandemic or fast-rising mortgage rates of recent years," Prakash said according to the Democrat and Chronicle.

How much are houses in Buffalo?

Ending the year in 2023, the December 2023 average sale price of a home is $269,550, which is a +9.4 increase from the previous year, according to data from Buffalo Niagara Association of Realtors. Historically, the average sale price of a home is lowest in the Buffalo, New York area in the February and March months.