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Providence will be one of the hottest housing markets in 2024, Zillow predicts
Rhode Island’s capital city came in fifth on a ranking of 2024’s hottest housing markets in the U.S.
A new report predicts Providence will be the fifth hottest U.S. housing market of 2024.
Zillow recently released its annual rankings, forecasting the hottest housing markets of the year. To come up with the list, Zillow considered home value growth, projected change in owner-occupied households and job growth compared to new construction.
Providence is the easternmost market to make this year’s cut. The Midwest, Great Lakes and South are home to the other 2024 favorites. At number five, Rhode Island’s capital city came in after Indianapolis, Columbus, Cincinnati, and Buffalo, New York, which took the top spot.
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“These should stand out as strong in a housing market still buffeted by low inventory and relatively high mortgage rates and prices,” the report said. “While mortgage rates have come down significantly in recent weeks, and projections for improved affordability and more homes for sale have become more common, the challenges that limited the U.S. housing market last year are unlikely to disappear entirely in 2024.”
Anushna Prakash, a data scientist for Zillow Economic Research, told USA Today that housing markets are healthiest where affordable home prices meet strong employment opportunities.
“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,” Prakash told the outlet.
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The Rhode Island Association of Realtors recently reported that high demand drove up home prices across the state in November.
According to Zillow’s most recent data, the average Providence home value was $367,225, up 7.8% over the past year. Once listed, homes are typically pending within 13 days.
Zillow currently has 150 properties listed for sale in Providence, with a one-bedroom, one-bathroom condo starting at $149,000 and an eight-bedroom multi-family home asking $2.5 million. The site’s listings for three-bedroom homes range between $225,000 and $895,000.
Zillow’s top 10 housing markets of 2024:
1. Buffalo, New York
2. Cincinnati, Ohio
3. Columbus, Ohio
4. Indianapolis, Indiana
5. Providence, Rhode Island
6. Atlanta, Georgia
7. Charlotte, North Carolina
8. Cleveland, Ohio
9. Orlando, Florida
10. Tampa, Florida
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