Over the next five years, although some trends accelerated by the COVID-19 pandemic will continue to influence real estate and land use, other factors will also gain in importance. Among those are an aging population, the rising costs of climate change, a more unstable world and the expansion of artificial intelligence into new corners of the economy.

As a consequence, even if the housing market gradually unfreezes as mortgage rates slowly decline from 2023's highs, the hottest housing markets in 2028 may look a bit different from early 2024.

This is based on data sourced from several authoritative sources, including the U.S. News Housing Market Index, an interactive platform providing a data-driven overview of the housing market nationwide.