Miami will be one of the nation’s hottest housing markets in 2023, according to a recent Zillow forecast.
Zillow measured the 50 largest U.S. housing markets on price growth, inventory, jobs and demographics to determine its rankings.
Miami ranked No. 8 on the hottest markets list and is one of the few cities that has maintained its price growth with little to no dropoff since mortgage rates started rising, the report said.
“Record-breaking home value growth ended in 2022, fueled in large part by the highest mortgage interest rates seen since 2008, though the story is varied across markets,” the report said. “Some, like Miami, have seen very slight home value declines, with prices even rising in some recent months.”
Signs of a cooling market showed up stronger in some cities than others, including San Jose, Sacramento, Minneapolis and Denver, the report said.
“Each of these is characterized by expected annual home value declines and slower housing market velocity – as measured by total listing days on market – than other large markets,” Zillow said.
The top 10 hottest markets in 2023, according to Zillow, are:
- Charlotte, N.C.
- Jacksonville, Florida
- Kansas City