Zillow Just Predicted the Hottest Housing Markets for 2023
New year, new you, and new city, to boot? According to Zillow, the answer is yes. The real-estate platform just released its list of the 10 hottest markets in 2023—and the results might surprise you. Shooting to the very top of the list is Charlotte, North Carolina, which Zillow ranked based on its home value growth and increase in owner-occupied residences. Meanwhile, Cleveland and Pittsburgh received the coveted second and third spots, respectively, because both are high in projections for time on market and new jobs per new home built.
“This year’s hottest markets will feel much chillier than they did a year ago,” says Anushna Prakash, economic data analyst at Zillow. “Markets that offer relative affordability and room to grow are poised to stand out, especially given the prevalence of remote work."
Midsized cities like Dallas, Nashville, and Jacksonville in Florida prove that the south is still hot, but Kansas City's stealth seventh place ranking suggests that the midwest might become the new sunbelt. But, while the midwest might be heating up, the west coast is cooling down. According to Zillow's findings, the coldest markets include Minneapolis, San Jose, and Sacramento.
But, no matter which market you choose to call home, Zillow says that 2023 is primed to be a great year to buy. Unlike recent, record-setting years, the monthly housing costs have finally stopped climbing.
Prakash says: "Home shoppers who can overcome affordability hurdles will find a more comfortable market this year, with more time to consider options and less chance of a bidding war, even if they’re shopping in one of the hottest markets."
Ready to try your luck in these hot markets? Check out these realtor-approved home buying tips.
You Might Also Like
