Charlotte Real Estate Soars: Named Top 10 Hottest Housing Market of 2024!

Charlotte Real Estate

Charlotte Real Estate is once again anticipated to be one of the hottest housing markets in the United States, according to Zillow.

This year, Charlotte Real Estate ranks No. 7, thanks to a modest expected increase in home values and a projected rise in homeowner numbers.

Zillow analyzed the 50 largest U.S. metro areas to predict the most competitive housing markets for 2024. This analysis considers expected home value appreciation from December 2023 through November 2024, the anticipated change in home value appreciation from 2023, the ratio of new jobs to new housing units permitted, demographic trends estimating new homeowner households, and the speed of home sales.

Buffalo topped this year’s rankings, largely due to the highest number of new jobs per new home permitted, indicating high expected demand.

According to Zillow, the top 10 markets for 2024 have strong economic fundamentals, fast-moving housing inventory, plenty of potential buyers, and expectations for stable home values.

For Charlotte Real Estate, Zillow predicts a 1.2% increase in home values citywide.

Affordability is the key driver in the 2024 real estate market, favoring lower-cost regions in the Great Lakes, Midwest, and South. Anushna Prakash, a data scientist for Zillow Economic Research, commented, “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. 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.”

The rankings consider Zillow’s forecast for local home value growth, the speed of home sales, job growth per new home permitted, and the increase in owner-occupied households.

Housing costs reached record highs for both buyers and renters in 2023, making transactions costly even for equity-rich homeowners. Zillow’s most popular markets in 2023 were relatively affordable. A Zillow study using United Van Lines data showed relocating households favored areas where home prices were approximately $7,500 lower than in their previous locations.

Affordability is expected to improve in 2024 but will remain a significant driver of the housing market. Affordable Great Lakes and Midwest markets already face high competition, with homes in these areas typically going under contract faster than the national average.

Charlotte Real Estate is named Zillow’s hottest market for 2023, remains in the top 10, alongside Cleveland and Atlanta.

The Hottest Housing Markets predicted for 2024 are: