Atlanta might seem like it’s always a hot housing market, and that’s true, but this year, Zillow predicts will be hotter than ever!
Atlanta ranks as 6th hottest housing market predicted for 2024 out of the top 50 metropolitan areas by population. Buffalo, NY takes the number one spot on the list.
What does this actually mean?
Basically, this means that according to their data, Zillow thinks homes in Atlanta will be in high demand, and home value will remain steady. With a larger number of homeowners (and people wanting to be homeowners), as well as an increase in jobs in the city, our housing market is on fire.
How did Zillow come up with this?
Zillow reports that its “list of the hottest markets in 2024 is based on an analysis of forecast home value growth, recent housing market velocity and projected changes in the labor market, home construction activity and number of homeowner households.”
Their report says that they conducted their study based on the following data:
- Forecasted annual home value appreciation in Nov. 2024
- Forecasted acceleration in home value appreciation, Nov. 2023 – Nov. 2024
- Listing days per home, Jan. 2023 – Nov. 2023
- Two-year change in total non-farm employment per two-year residential building permit total
- Projected change in owner-occupied households, 2023 – 2024
Zillow also reports that two main demographics are entering the home-buying phase. They report, “Baby boomers and millennials represent two enormous generations, and both are very active in the housing market. Baby boomers are hardly exiting the market as they age, a departure from previous generations at the same age, and millennials are aging into their prime home buying years as they hit their early and mid-thirties.”
Read the full study on Zillow’s website!
Does this mean there will be more homeownership in Atlanta?
Honestly, not necessarily. Of course, we’ll have to see as the year progresses, but a high demand doesn’t necessarily mean high results. High mortgage rates in the city still pose a problem to would-be homeowners. This is a tough market for both buying and selling, in other words. But the demand is there for 2024, so anything could happen.