In case you missed it, Zillow recently released their predictions for the 10 hottest markets of 2024, and Ohio snagged not one, not two, but three spots on the list.
When developing their predictions, the real estate marketplace takes several factors into consideration such as the growth in home value, recent housing market velocity and projected changes in the labor market, home construction activity, and the number of homeowner households into consideration. Cincinnati, for instance, owes its high ranking to its rapid market velocity. In most of 2023, homes that were listed for sale in Cincinnati were sold in a median of only five or six days. Now, let’s take a closer look at some of those determining factors:
2023 was not a hallmark year for home value growth, largely due to mortgage interest rates hitting an all-time high since 2008. In fact, out of the 50 largest markets, only 15 of them are expected to experience a rise in home value this year. Fortunately, Columbus is projected to have a steady increase in home value.
Buying a home in 2023 was tough. Homes sold very quickly, with the Hartford, Cincinnati, and Columbus markets seeing the lowest listing days per home. Given the difficulty for buyers to find homes in 2023, it is expected that the demand for these markets will remain high, particularly with the arrival of Intel in Columbus by 2024.
In 2024, only 14 of the 50 largest markets are expected to have an increase in homeownership. Columbus is forecasted to have the most significant jump in the for-sale market, with 11.4% more owning households. Of course, this increase is subject to the availability of homes for sale in the area.
If you are currently in the market for housing in the Columbus area, let us help get you into your dream home! Check out our available move-in homes or contact a representative to learn more about our home plans, communities, and customization options.
Article source: AXIOS Columbus
Info source: Zillow
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