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Zillow ranks the best, worst real estate markets in 2024. New Orleans is at the bottom. – NOLA.com

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Zillow predicts New Orleans will have one of the nation’s “coolest” real estate markets in the coming year — and not in the awesome, hip way. 

The massive real estate marketing company released its forecast for the 2024 U.S. housing market this month, ranking the nation’s 50 most populous metros using data detailing local home value growth, job growth per new home, projected change in owner-occupied households and the speed at which sellers are entering contracts with buyers. 


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Zillow expects Buffalo, New York, to be the nation’s hottest housing market in 2024, with several cities in the Midwest, including three in Ohio, following closely behind.

Launching Buffalo to the top of the list are recent increases in the city’s number of jobs created compared to the number of new homes being built, Zillow said in its report. Home values in Buffalo also increased by 5% between 2022 and 2023, and they’re expected to hold steady in the coming year. 

Meanwhile, Cincinnati’s silver medal can be chalked up to its high market velocity, according to Zillow.

“For most months of 2023,” Zillow reported in its forecast, “homes that went pending in Cincinnati did so in a median of just five or six days.”

Conversely, home values in New Orleans declined by 9% between 2022 and 2023, tying with Austin, Texas for the sharpest drop among the 50 cities included in the ranking. Zillow expects New Orleans home values to fall by another 6% in 2024, along with a drop in the city’s owner-occupied households.  

But New Orleans certainly isn’t the only city where home value growth is slowing. Only 15 of the nation’s 50 largest metros are expected to see home values increase in 2024, according to Zillow, and only 14 are expected to see homeownership rise. 

Here are the ranking highlights: 

The top 10 hottest markets

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 

Bottom 10 “coolest” markets 

41. Austin, Texas  

42. Birmingham, Alabama

43. San Jose, California

44. Baltimore, Maryland 

45. Milwaukee, Wisconsin 

46. New York, New York 

47. Minneapolis, Minnesota

48. Houston, Texas

49. San Antonio, Texas

50. New Orleans, Louisiana

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