According to analysis by Zillow, Buffalo, NY will be the hottest housing market in 2024. The report finds affordability is the key issue in the current real estate market. As a result, lower-cost homes in the Great Lakes, Midwest, and Southern regions are making those areas more desirable for home buyers.

"Housing markets are healthiest where affordable home prices and strong employment are giving young hopefuls a real shot at buying and starting to build equity," said Anushna Prakash, data scientist for Zillow Economic Research.

This Zillow report on the hottest markets considers a few factors. These include: the forecast for local home value growth; the speed at which home sellers are entering contracts with buyers; job growth per new home permitted; and job growth in owner-occupied households. These factors help explain Buffalo leading the list, as it boasts the highest number of new jobs per new home permitted, which is an indication of expected demand.