The housing market is in an Empire State of mind this year, with another snowy city in upstate New York landing the top spot in a ranking of 2024’s top housing markets. The city of Irondequoit, a northern suburb of Rochester, will be the top housing market for first-time home buyers in 2024, according to a new report from Realtor.com. Earlier this month, Zillow
ZG,
-0.60%
crowned Buffalo, N.Y., its “hottest” housing market of 2024.
To rank the best areas for first-time buyers, Realtor.com analyzed markets based on several factors, including inventory, home prices, expected home-price appreciation, “culture and liveliness,” and commute times. Irondequoit was lifted to the top of the list by, along with the affordability of its housing stock, the expected growth in the value of those homes. The median listing price as of November was $187,000, which is substantially lower than the national median of $382,230. If a buyer put 5% down on a typical Irondequoit home, the monthly mortgage payment would be less than $1,200 a month. But good luck finding a home to buy. Inventory in Irondequoit was so low in December that homes on the market were being snapped up after 27 days, versus the national average of 61 days, according to Realtor.com data. There were 11.5% fewer homes for sale there in December than a year earlier, according to data from Realtor.com, which looked at the ZIP codes 14609, 14621 …
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ZG,
-0.60%
crowned Buffalo, N.Y., its “hottest” housing market of 2024.
To rank the best areas for first-time buyers, Realtor.com analyzed markets based on several factors, including inventory, home prices, expected home-price appreciation, “culture and liveliness,” and commute times. Irondequoit was lifted to the top of the list by, along with the affordability of its housing stock, the expected growth in the value of those homes. The median listing price as of November was $187,000, which is substantially lower than the national median of $382,230. If a buyer put 5% down on a typical Irondequoit home, the monthly mortgage payment would be less than $1,200 a month. But good luck finding a home to buy. Inventory in Irondequoit was so low in December that homes on the market were being snapped up after 27 days, versus the national average of 61 days, according to Realtor.com data. There were 11.5% fewer homes for sale there in December than a year earlier, according to data from Realtor.com, which looked at the ZIP codes 14609, 14621 …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]