According to a report from Zillow, Buffalo, New York is forecasted to be the hottest housing market in the United States in 2024. This determination was made based on factors such as projected home-value appreciation, job availability, and the speed of home sales. Buffalo's rise to the top of the list is attributed to the affordability of homes and the city's strong job market. Currently, the typical home in Buffalo is valued at $248,445, below the national average of $347,415. The city also boasts a high number of jobs per new housing unit among the top 50 metro areas analyzed by Zillow.
Despite being known for harsh winters, Buffalo's housing market is thriving. The president of the Buffalo Niagara Association of Realtors mentioned that buyers are returning after the holiday season. Furthermore, Buffalo is set to receive significant federal funding to transform into a semiconductor manufacturing hub, complemented by the "Buffalo Billion" initiative aimed at revitalizing the region's economy. The city's status as a federal technology hub and a college town, along with its major medical campus, contribute to its appeal.
This shift towards Buffalo as a hot housing market reflects a broader trend in the Midwest, with cities like Cincinnati, Columbus, and Indianapolis also gaining attention due to their affordable housing and strong employment opportunities. The combination of affordable homes and favorable employment prospects is seen as providing young individuals with a tangible opportunity to enter the housing market and start building equity.