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These Are the Hottest Housing Markets of 2024: Zillow Data | Entrepreneur

by Brand Post
December 20, 2024
in Business
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These Are the Hottest Housing Markets of 2024: Zillow Data | Entrepreneur
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Zillow released its annual list of “most popular cities” this week, and the Northeast dominated for the second year in a row—Connecticut alone took four spots in the top 10. To create the list, Zillow analyzed housing metrics (consumer demand, including page-view traffic, home value growth, and how quickly homes sell).

The most popular city of 2024 overall is Manchester, New Hampshire. Zillow notes that despite “growing interest among home shoppers,” contributing to home values “jumping 7.3% over the past year, up to $415,000,” it is still cheaper than Boston, which is only about an hour by car away.

Related: These Are the ‘Wealthiest and Safest’ Places to Retire in the U.S. None of Them Are in Florida

Though Manchester is New Hampshire’s largest city, most places on the list are considered “exurbs,” defined by Zillow as “charming smaller towns situated beyond the suburbs yet within commuting distance of a major metropolitan area.”

“In another year of higher mortgage rates, areas of affordability and opportunity were center stage in 2024,” said Zillow Chief Economist Skylar Olsen in a press release. “With the rise of hybrid work models, more people are discovering hidden-gem cities they might have previously overlooked when daily commutes were the norm. Buyers are seeking out locations that offer the right mix of affordable living and lifestyle amenities. Adding to the price pressure, new listings can remain sparse in the hottest spots as existing owners continue to hold on and hold back.”

Only one West Coast market made the list, despite it being the No. 1 market in 2021. The Midwest also took two spots.

Related: The 15 Best Places to Live in the U.S., Where Homes Are Cheaper and There Are Lots of Jobs to Choose From

Manchester New Hampshire skyline along the banks of the Merrimack River in autumn – Getty

Here are the top 10 most popular markets of 2024

1. Manchester, New Hampshire
2. Rockford, Illinois
3. Stamford, Connecticut
4. Columbia, Maryland
5. Bridgeport, Connecticut
6. Allentown, Pennsylvania
7. Peoria, Illinois
8. New Haven, Connecticut
9. Waterbury, Connecticut
10. Sunnyvale, California

Zillow also revealed data on specific regions. Here’s a look at some standouts.

The most popular large city: Toledo, Ohio

The typical home in Toledo is worth $121,000, which makes it makes it an “attractive option for buyers seeking affordability,” according to Zillow data. Toledo is also close to Lake Erie and has a “thriving art scene.”

For large cities, San Jose, California, took No. 2, and Wichita, Kansas, holds the third spot.

Toledo Veterans’ Glass City Skyway Bridge – Getty

Related: These Are the Safest States to Retire, According to the FBI

The most popular small town: Elizabethtown, Pennsylvania

A two-hour drive from Pennsylvania’s state capital, Philadelphia, the No. 1 small town on the list is Elizabethtown, which has “picturesque streets, local shops, and parks,” per Zillow.

Elizabethtown only has a population of around 12,000 but homes there typically go under contract within five days of being on the market, the report notes.

Other towns that made the list were No. 2 Vermilion, Ohio, and No. 3 Roscoe, Illinois.

Elizabethtown, Pennsylvania, October 7, 2020 – Installing a New Yellow Passenger Antique Coach – Getty

The most popular coastal city: Milford, Connecticut

Milford offers 17 miles of coastline along Long Island Sound, which helped it become the most popular coastal city for 2024.

Also in Connecticut, West Haven, took No. 2, while South Portland, Maine, secured the third spot on the list.

Santa Cruz, California, and Barnstable, Massachusetts complete the top five.

Autumn in Milford, Connecticut – Getty



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Tags: Business NewsDataentrepreneurHottestHousingMarketsNews and TrendsReal EstateZillow

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