Written by Eric Lowry, Team Leader of The Lowry Team

Zillow says the Cincinnati housing market will be the second hottest in the entire country in 2024. Is that even possible?

So Zillow came out with this study. They are predicting Cincinnati to be the second hottest real estate market in all of the country in 2024. Is that even possible was the first question that came to my mind, and so I did a little digging and here's what I found. Here's some thoughts I had around whether that's possible or not. 

But before we get into that, let's talk about how this research even came about. First, let's talk about what went into this. Zillow, did the study, their words, were they based it on home value growth in a market, the labor markets, what the strength or lack of in a particular real estate market, how much new construction activity there was in the marketplace, and a couple other smaller considerations. So can Cincinnati really be one of the hottest real estate markets?

The second hottest, according to Zillow, whether it's number one, whether you're number two or whether you're number nine, it's still really good and it can still definitely go that way. The economy here is really good. Home prices are definitely on the increase. The most recent numbers that I've calculated coming from December, 2023 versus December of 2022, showed nearly 10% increase in home prices during that time, which is quite a remarkable increase. Our market's going to continue to be driven by low inventory. There just isn't an awful lot of homes for sale. If you've been looking, I'm sure you already know that. So our buyer demand is still really good. There is still definitely pent up demand in the marketplace for homes to be purchased when they come on the market.

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So yes, Cincinnati can be one of the very hottest real estate markets in the country in 2024.

I don't think that I have a lot of doubt about that. When I look at all those factors, one factor is a good economy. We have a good job market in our area. There is a low amount of inventory. Home prices are increasing in some areas as much as 10% year over year. That's a big increase and the buyers are still out there, by the way, they're being fueled now by interest rates coming down. So there are actually more buyers coming back into the market. So it's setting up to be a really, really good year in Cincinnati real estate. 

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