Tampa Bay Named 10th Hottest Housing Market of 2024 by Zillow

Tampa Bay Named 10th Hottest Housing Market of 2024 by Zillow

Tampa Bay, once the top housing market of 2022 according to Zillow, fell off the real estate firm’s annual list of the 10 hottest real estate metropolitans last year. However, this year, Tampa Bay has made a comeback, albeit barely, as it was named the 10th hottest market in the nation for 2024 by Zillow.

The annual list by Zillow takes into account factors such as home value appreciation, how long houses are on the market, and job growth per new homes. Affordability was a leading factor for the hottest markets of the year, especially after rents and home values soared during the pandemic.

Interestingly, this year’s hottest markets are primarily located in the upper Midwest and the Great Lakes region, a departure from previous years where southern or Sun Belt cities dominated the list. Buffalo, New York, was named the hottest market of 2024 by Zillow, with three Ohio cities also making it to the top 10.

Despite Tampa Bay’s resurgence on the list, the average home values in this year’s top three hottest markets were cheaper than Tampa Bay’s, with Buffalo leading the pack with an average home value of about $248,500.

Zillow’s economic research data scientist, Anushna Prakash, stated that housing markets are healthiest where affordable home prices and strong employment opportunities are available. While there was a cooling in the housing market last year due to rising interest rates, Prakash remains cautiously optimistic for the market to stabilize in 2024.

Zillow forecasts that only 15 of the 50 largest markets will see home values rise this year, with even Buffalo expected to experience a slight decrease. On the other hand, Zillow named New Orleans, San Antonio, Denver, Houston, and Minneapolis as the coolest markets to watch in 2024, with New Orleans potentially seeing a 6% decrease in home values.

Overall, the real estate market in 2024 is shaping up to be an interesting one, with Tampa Bay making a comeback on the list of hottest markets, albeit facing stiff competition from more affordable Midwest cities.