Zillow’s Housing Market Forecast by Zip Code for 2024 – Norada Real Estate Investments

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The housing market is a dynamic landscape influenced by various factors, and staying informed about the latest trends and forecasts is crucial for homeowners, buyers, and investors. Let us delve into the Home Value Forecast for November 2024, as provided by Zillow Research, to unravel the current market trends and predictions shaping the housing sector.

Optimistic Outlook for National Home Values

According to Zillow’s latest insights, there is a renewed sense of optimism regarding the trajectory of national home values in the coming year. The national, non-seasonally-adjusted Zillow Home Value Index (ZHVI) is anticipated to remain flat in 2024. This represents a slight upward revision from the previous forecast, which initially expected a modest 0.2% decline in the typical home value.


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Projections for Existing Home Sales

Another significant aspect of the forecast pertains to existing home sales in 2024. Zillow has made a slight adjustment, revising the projection upward to 3.74 million. Despite this adjustment, it is noteworthy that this figure would still signify an 8.5% annual decline from the existing home sales volume recorded in 2023. The year 2023 is expected to mark the lowest existing home sales volume since the mid-1990s.

Factors Shaping the Forecast

It’s essential to consider the factors influencing Zillow’s projections. The outlook provided does not incorporate the latest update from the Federal Reserve, which hinted at potential cuts to the benchmark interest rate in 2024. This announcement prompted a notable decline in mortgage rates in recent weeks, with modest improvements observed in November. These changes were substantial enough to outweigh expectations for increased listing activity in the housing market in the coming months.

The forecast reflects the delicate balance between early signs of optimism regarding mortgage rates and expectations for a less constrictive housing market. It’s a testament to the intricate interplay of economic indicators that shape the real estate landscape.

Looking Ahead

As we approach the end of the year, these insights provide valuable guidance for individuals navigating the real estate market. The subtle adjustments in the forecast underscore the responsiveness of the housing sector to economic shifts and policy changes. However, it’s crucial to note that the forecast is a snapshot in time, and subsequent updates, especially considering the more recent mortgage rate declines post the December Federal Open Market Committee (FOMC) meeting, will be incorporated in the next forecast update slated for January.

Top 10 Zip Codes Where Home Prices Will Rise in 2024

As we approach the year 2024, real estate enthusiasts and prospective homebuyers are eager to identify the areas where property values are expected to see significant growth. Analyzing the data provided by Zillow, we’ve compiled a list of the top 10 zip codes across the United States where home prices are anticipated to experience a notable increase by the end of 2024.

1. Thomaston, GA – Zip Code: 30286

Located in Georgia, the zip code 30286 in Thomaston stands out with promising projections for home price appreciation. As of November 30, 2023, the median home price showed a modest increase of 0.4%. However, the real surge is expected with a projected rise of 1.1% by the end of December 2023 and a substantial 6.3% increase anticipated by November 2024.

2. Felda, FL – Zip Code: 33930

Heading south to Florida, the zip code 33930 in Felda is catching the attention of real estate observers. With a growth rate of 1.2% by the end of December 2023 and a further 2% increase expected by February 2024, this zip code is poised for a significant 6.2% rise in home prices by November 2024.

3. Yatesville, GA – Zip Code: 31097

Yatesville, GA, represented by the zip code 31097, demonstrates steady growth in the real estate market. Starting with a 0.6% increase by November 30, 2023, the momentum continues with a projected 1.2% rise by February 2024 and an impressive 5.7% surge expected by November 2024.

4. Clewiston, FL – Zip Code: 33440

Florida makes another appearance on our list with Clewiston’s zip code 33440. The data suggests a gradual climb, starting with a 0.5% increase in November 2023, followed by a 0.9% rise by February 2024. The real highlight, however, is the projected 5.3% increase in home prices by November 2024.

5. The Rock, GA – Zip Code: 30285

The Rock, GA, is making waves in the real estate market, specifically in the zip code 30285. The median home price shows a promising 0.5% increase by November 30, 2023, followed by a substantial 1.6% rise by February 2024. The crescendo comes with a projected 5.1% increase by November 2024.

6. Wilson, WY – Zip Code: 83025

Heading west to Wyoming, Wilson’s zip code 83025 presents an intriguing opportunity for real estate investors. With a 0.5% increase in home prices by November 30, 2023, and a steady climb of 1.8% by February 2024, this zip code is expected to experience a 4.7% rise by November 2024.

7. Bowling Green, FL – Zip Code: 33834

Florida’s presence on our list continues with Bowling Green’s zip code 33834. The data indicates a 0.6% increase in home prices by November 30, 2023, followed by a projected 1.2% rise by February 2024. The climax is anticipated with a 4.6% increase by November 2024.

8. Ona, FL – Zip Code: 33865

Yet another Florida zip code, 33865 in Ona, is poised for substantial growth in home prices. With a remarkable 1.3% increase by November 30, 2023, and a subsequent 1.9% rise by February 2024, this zip code is expected to experience a 4.6% surge by November 2024.

9. Shenandoah, PA – Zip Code: 17976

Shenandoah, Pennsylvania, enters our list with zip code 17976 showing promise in the real estate market. As of November 30, 2023, the median home price exhibited a noteworthy 1.7% increase, followed by a steady 2% rise by February 2024. The climax is projected with a 4.5% increase by November 2024.

10. New Philadelphia, PA – Zip Code: 17959

Completing our top 10 list is New Philadelphia, PA, with zip code 17959. The data reveals a 1.4% increase in median home prices by November 30, 2023, followed by a consistent 2% rise by February 2024. The crescendo is expected with a 4.4% increase by November 2024.

Top 10 Zip Codes Where Home Prices Will Drop in 2024

While the real estate market is often associated with appreciation, it’s essential to consider areas where home prices may experience a decline in the coming year. These zip codes represent areas where home prices are expected to decline in 2024.

1. Greenville, MS – Zip Code: 38722

Starting our list is Greenville, Mississippi, represented by zip code 38722. As of November 30, 2023, the median home price showed a minor decrease of 0.1%. However, the trend takes a downturn with a projected drop of 2.1% by the end of December 2023 and a substantial 14.6% decrease anticipated by November 2024.

2. Vinton, LA – Zip Code: 70668

Heading southwest to Louisiana, Vinton’s zip code 70668 is noteworthy for a significant decline in home prices. With a notable decrease of 1.9% by the end of December 2023 and a further 5.6% drop expected by February 2024, this zip code is poised for a substantial 13.8% decline by November 2024.

3. Tatum, NM – Zip Code: 88267

New Mexico enters our list with Tatum’s zip code 88267 demonstrating a considerable decrease in home prices. The data suggests a 4.4% drop by the end of December 2023, followed by an 8% decline by February 2024. The trend continues with a projected 13.4% decrease by November 2024.

4. Starks, LA – Zip Code: 70661

Continuing in Louisiana, Starks’ zip code 70661 experiences a downward trend in home prices. With a 2.3% decrease by November 30, 2023, and a projected 5.7% drop by February 2024, this zip code is expected to see a significant 13.3% decline by November 2024.

5. Jal, NM – Zip Code: 88252

Jal, New Mexico, makes an appearance on our list with zip code 88252 showcasing a notable decrease in home prices. The data indicates a 3.2% drop by November 30, 2023, and a further 5.5% decline by February 2024. The downward trend continues with a projected 13% decrease by November 2024.

6. Dequincy, LA – Zip Code: 70633

Dequincy, Louisiana, is included in our list as zip code 70633 exhibits a decline in median home prices. With a 1.3% decrease by November 30, 2023, and a projected 4.2% drop by February 2024, this zip code is expected to see a substantial 12.3% decline by November 2024.

7. Elaine, AR – Zip Code: 72333

Arkansas joins our list with Elaine’s zip code 72333 showcasing a notable decrease in home prices. The data suggests a 1% drop by November 30, 2023, and a further 2.8% decline by February 2024. The trend continues with a projected 12.3% decrease by November 2024.

8. Lexa, AR – Zip Code: 72355

Another Arkansas entry on our list is Lexa’s zip code 72355, indicating a significant decrease in median home prices. With a 1.2% drop by November 30, 2023, and a further 2.5% decline by February 2024, this zip code is expected to see a substantial 11.9% decline by November 2024.

9. Lake Charles, LA – Zip Code: 70615

Lake Charles, Louisiana, experiences a downward trend in home prices, specifically in zip code 70615. With an 1.8% decrease by November 30, 2023, and a projected 4.6% drop by February 2024, this zip code is anticipated to see an 11.6% decline by November 2024.

10. Leland, MS – Zip Code: 38756

Completing our list is Leland, Mississippi, with zip code 38756 showcasing a significant decrease in median home prices. The data reveals a 1.7% drop by November 30, 2023, followed by a consistent 4.7% decline by February 2024. The downward trend is expected to continue with an 11.6% decrease by November 2024.

ALSO READ: Housing Market Forecast 2024 & 2025

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