Zillow Group, Inc.
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Affordability and job growth are key drivers of competition
Competition among buyers never cooled in Buffalo last year, and that heat should keep smoldering through 2025.Hot markets spread from the Northeast, Great Lakes and South regions into the Midwest and West.Virginia Beach jumped farthest up the list from 2024, leapfrogging over 23 markets.SEATTLE, Jan. 7, 2025 /PRNewswire/ -- Buffalo, New York, will be the hottest major housing market in 2025, according to a new analysis by Zillow®, the first time a market has held the title in back-to-back years. Relative affordability and few homes for sale are common threads among what should be the most competitive markets for buyers this year.
Natural language search reveals insights into how people searched for homes this year
SEATTLE, Dec. 20, 2024 /PRNewswire/ -- From barns to laser tag, Zillow® AI-powered natural language search revealed 2024's unique home-search trends, offering a window into what Americans wanted in their next home.
This year, Zillow enhanced its natural language search feature, allowing home shoppers to search for their next home as naturally as they would speak to family or friends. Buyers and renters can use everyday language instead of preset filters to search by commute time, affordability and nearby schools or points of interest. This new feature showed what Americans were prioritizing in their home search this year.
Exurban cities dominated Zillow's most-popular cities list in 2024, as affordability challenges linger
SEATTLE, Dec. 17, 2024 /PRNewswire/ -- This year, Zillow® shoppers could not get enough of Manchester, New Hampshire — Zillow's most popular city of 2024. Cities in the Northeast dominated Zillow's list of most popular markets for the second year running. The Midwest also made a strong showing, while only one West Coast market cracked the top 10 list after leading the way in 2021.
Zillow forecasts a gradual but bumpy decline in rates, impacting sales and price growth
Zillow's 2025 forecast expects only about 100,000 more sales than in 2024.Home value growth nationwide is predicted to be low and slow: 2.2% over 2025.Inventory and new listings are trending in the right direction, reducing pandemic-era deficits.SEATTLE, Dec. 16, 2024 /PRNewswire/ -- Erratic and dramatic mortgage rate movements that heavily influenced the housing market in 2024 are destined to play a major role in the coming year, according to Zillow's latest market report1.
Families can tour the Clauses' North Pole cabin, one of Zillow's most popular off-market homes, as well as update Santa with their new address
SEATTLE, Dec. 10, 2024 /PRNewswire/ -- Zillow® brings back the magic of the holidays with the return of Santa's House, a festive favorite viewed more than 3 million times. This beloved off-market home introduces a new feature: "Let Santa Know You Moved," which allows families to notify Santa of their new address and claim their home on Zillow, ensuring he knows exactly where to deliver gifts.
Empty-nest households that could add to inventory aren't where they're needed most
There is an oversupply of 12.8 million empty-nest homes.However, this potential supply is not located in the markets experiencing severe housing shortages.Pittsburgh, Buffalo, Cleveland, Detroit and New Orleans have the largest share of empty nest homes.The highest share of those homes are in Las Vegas, Austin, Los Angeles and Riverside.SEATTLE, Dec. 5, 2024 /PRNewswire/ -- A "silver tsunami" — an expected flood of homes from older owners who will downsize or otherwise move on — has long been discussed as having the potential to relieve the nation's shortage of housing. But new research from Zillow® shows these homes likely are located far from where they're needed most.
Unpredictable mortgage rates will play a big role in shaping next year's housing market
The housing market is expected to slowly become unstuck, but mortgage rates could be a spoilsport, with their unpredictability expected to make planning for a home purchase a challenge. Buyers markets will spread to the Southwest unless rates fall dramatically.As the biggest multifamily construction boom in 50 years fizzles out, Zillow predicts fewer rent concessions in the second half of 2025.SEATTLE, Nov. 25, 2024 /PRNewswire/ -- Mortgage rates are once again in the spotlight as 2025 approaches. Zillow® predicts a more active housing market and more buyers gaining the upper hand in 2025, but those hoping to buy — or even refinance — should buckle up for a bumpy ride and stay ready to move when conditions are right.
New construction and recovering inventory are helping shift markets in favor of buyers down south
More markets are tilting in favor of buyers — including a few outside the South.Sold homes are typically on the market for 23 days before selling, a week faster than last year.October's mortgage-rate rebound raised monthly mortgage costs by 2.8% over September.SEATTLE, Nov. 20, 2024 /PRNewswire/ -- Home buyers are gaining leverage in negotiations across the nation as competition eased in October, the latest market report1 from Zillow® shows. Zillow's market heat index indicates competition nationwide is creeping closer to becoming a buyers market as activity winds down for the winter.
Unpredictable rate movements are quickly changing the affordability picture for home shoppers
Lower mortgage rates in September brought the share of homes a middle-income household could comfortably afford to a 19-month high.Mortgage rates have already climbed back to nearly 7%, highlighting the need for real-time data for buyers to understand what they can afford.Mortgage rates remain lower than they were a year ago. Even with the increase in October, the share of affordable listings was greater than a year earlier in all of the nation's 50 largest metro areas.New Zillow survey data finds many buyers are securing lower mortgage rates from home builders, sellers, or borrowing from friends or family members
Although average mortgage rates are much higher, 45% of buyers who have purchased a home in the past year report having a rate below 5%.Mortgage rates rose from 2.65% in 2021 to 7.79% in fall 2023, impacting home shoppers' buying power. The typical monthly mortgage payment has more than doubled since before the pandemic.The most common way buyers have secured below-market rates is through special financing offers from sellers or home builders.
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