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House hunting will always be an ongoing endeavor regardless of economic conditions. Americans weigh several factors when selecting their next home, including affordability, crime rates, location, job opportunities, climate, taxes, proximity to amenities, and other aspects. Some U.S. cities can be more appealing to homebuyers if the prices are right and the area's attributes align with their needs.
For those needing guidance during the homebuying process, U.S. News & World Report released a report ranking the hottest housing markets. The website utilized data to determine their picks:
"Our analysis of the hottest housing markets pulls from the U.S. News Housing Market Index, which incorporates a wide array of data points and provides a simple yet comprehensive way to rank the covered metropolitan statistical areas (MSAs) from frozen to blazing on a scale of 1-100. This particular ranking is based on data from December 2023."
Two popular Florida cities landed in the rankings. Jacksonville was just shy of the Top 10, landing at No. 11. The Cape Coral-Fort Myers area came in the No. 20 spot. The Miami metropolitan area didn't make the overall rankings, but it was recognized for being resilient and the housing supply.
The Denver metropolitan area, which includes Lakewood and Aurora, was crowned the hottest housing market in the country thanks to "low employment, few mortgage delinquencies, low rental vacancy rates for investors, and a positive ratio of building permits to job growth," according to analysts.
Here are the Top 10 hottest housing markets in America, according to the report:
- Denver-Aurora-Lakewood, CO
- Raleigh, NC
- Virginia Beach-Norfolk-Newport News, VA-NC
- Durham-Chapel Hill, NC
- Charlotte-Concord-Gastonia, NC-SC
- Nashville-Davidson-Murfreesboro-Franklin, TN
- Houston-The Woodlands-Sugar Land, TX
- Portland-Vancouver-Hillsboro, OR-WA
- Dallas-Fort Worth-Arlington, TX / San Antonio-New Braunfels, TX (tie)
- Austin-Round Rock, TX