After a tough 2024, prospective homebuyers aren’t expected to see much relief this year.
Higher-than-usual homebuying costs, paired with low housing supply nationwide, has made the process of buying a home increasingly competitive. This has created what’s known as a “seller’s market” in several major cities, where demand for homes (i.e. the number of people looking to buy) outpaces the amount of homes available, or supply.
This has been driven by low inventory, and high home prices and mortgage rates — all trends that are widely expected to continue this year. However, Realtor.com (NWSA) expects that the market will be more balanced this year, with some power returning to buyers.
Looking to finally relocate this year? Zillow (Z) ranked U.S. cities by their projected competitiveness using several metrics, including: forecasted annual home value appreciation; forecasted acceleration in home value appreciation; listing days per home; two-year change in total employment per two-year residential building permit total; and projected change in owner-occupied households.
Take a look at the 10 housing markets that are expected to be the hottest this year, according to Zillow.
