Zillow Group Inc (ZG, Financial) has announced its list of the most popular cities for 2024, highlighting a trend towards exurban areas as affordability remains a key concern for homebuyers. Released on December 17, 2024, the report shows Manchester, New Hampshire, as the top city, with the Northeast and Midwest regions dominating the list. The analysis reflects consumer demand through metrics such as page-view traffic and home value growth.
Positive Highlights
- Manchester, New Hampshire, tops the list, with home values increasing by 7.3% over the past year.
- Exurban areas are gaining popularity due to their balance of affordability and proximity to urban centers.
- Toledo, Ohio, stands out as the most popular large city, offering affordability and cultural attractions.
- Elizabethtown, Pennsylvania, is the most popular small town, with homes selling quickly.
Negative Highlights
- Affordability challenges persist, with higher mortgage rates impacting buyer decisions.
- West Coast cities have seen a decline in popularity, with only one market making the top 10 list.
- New listings remain sparse in popular areas, adding pressure to home prices.
Financial Analyst Perspective
From a financial standpoint, Zillow Group Inc (ZG, Financial) is capitalizing on the shifting real estate trends by focusing on areas that offer a mix of affordability and lifestyle amenities. The company's ability to identify and highlight these emerging markets can attract more users to its platform, potentially increasing its market share. However, the ongoing affordability challenges and high mortgage rates could limit the growth of home sales, impacting Zillow's revenue from real estate transactions.
Market Research Analyst Perspective
The data from Zillow's report indicates a significant shift in consumer preferences towards exurban areas, driven by the rise of hybrid work models and the search for affordable living. This trend suggests a potential long-term change in the real estate market, where smaller towns and cities could see increased demand. Market players should consider these insights for strategic planning, especially in terms of investment and development in these regions.
Frequently Asked Questions
Q: What city was named the most popular by Zillow in 2024?
A: Manchester, New Hampshire, was named the most popular city by Zillow in 2024.
Q: Which region dominated Zillow's most popular markets list?
A: The Northeast region dominated Zillow's most popular markets list for the second consecutive year.
Q: What factors did Zillow consider in determining the most popular markets?
A: Zillow analyzed housing metrics such as page-view traffic, home value growth, and the speed of home sales to determine the most popular markets.
Q: Which city was the most popular large city according to Zillow?
A: Toledo, Ohio, was the most popular large city according to Zillow in 2024.
Read the original press release here.
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