Zillow’s predictions for the Hottest Real Estate Markets of 2023 are out—and Dallas clocks in at No. 4 on the list.
Dallas follows Charlotte, Cleveland, and Pittsburgh on the list, and is the only Texas city that made the cut. Austin, 2021’s hottest market, fell all the way to 29th on this year’s list—largely because it now ranks “among the country’s most expensive large markets,” Zillow said.
“This year’s hottest markets will feel much chillier than they did a year ago,” Anushna Prakash, economic data analyst at Zillow, said in a statement. “The desire to move hasn’t changed, but both buyers and sellers are frozen in place by higher mortgage rates, slowing the housing market to a crawl. Markets that offer relative affordability and room to grow are poised to stand out, especially given the prevalence of remote work. The good news for buyers is that monthly housing costs have stopped climbing. Home shoppers who can overcome affordability hurdles will find a more comfortable market this year, with more time to consider options and less chance of a bidding war, even if they’re shopping in one of the hottest markets.”
California’s San Jose and Sacramento are joined by Minneapolis as being the “coolest” markets on Zillow’s 2023 outlook.
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