SEATTLE, Feb. 23, 2017 /PRNewswire/ -- The nation's
fastest-growing home values have moved from the typical
California markets to Southern
markets in Florida, Texas and Tennessee, according to the January Zillow®
Real Estate Market Reportsi.
U.S. home values are up 7.2 percent over the past year, to a
Zillow Home Value Indexii (ZHVI) of
$195,300, with some new growth
leaders seeing annual home values leap by double-digits.
Nashville, Portland and Tampa reported the fastest year-over-year home
value growth, all appreciating over 10 percent. Orlando, Detroit, Las
Vegas and Miami are also
among the top 10 fastest appreciating marketsiii, a
shift away from California
dominance. Home values in
Nashville were up 9 percent a year
ago, but are now rising at more than 12 percent annually, the
fastest among the 40 largest U.S. metros. San Francisco and San Jose were both among the top 10 fastest
appreciating housing markets at this time last year, but today are
among the slowestiv.
West Coast metros have been among the powerhouse markets driving
overall home value growth for the past several years, with new
residents flocking to tech-hubs for jobs. However, as the cost of
living becomes increasingly expensive, home shoppers are having a
hard time finding affordable housing in these areas -- just four of
the 10 fastest appreciating housing markets are in the West.
Southern markets, like Nashville
and Dallas, are desirable for home
shoppers in search of job opportunities, reasonably priced homes
and an overall good quality of life.
"We spend a lot of time focusing on the West Coast, but
power-house markets exist throughout the country," said Zillow
Chief Economist Dr. Svenja Gudell.
"Florida and Texas home values have grown quite a bit over
the past several years, stealing the spotlight from slower moving
markets like San Francisco,
San Jose and Los Angeles. Slowdowns in the Bay Area, in particular, are driven by the
fact that these markets are so expensive that many people can no
longer realistically afford to buy there, limiting demand and
reducing pressure on home values. Despite recent increases in the
national pace of home value appreciation, I expect a nationwide
slowdown in 2017 as some headwinds begin blowing in, including
increasing mortgage rates and worsening affordability."
Rents across the nation are up 1.4 percent since last January,
to a Zillow Rent Indexv (ZRI) of $1,404 per month. Seattle, Portland and Sacramento reported the highest year-over-year
rent appreciation among the 40 largest U.S. housing markets. Also
among the markets with the fastest appreciating rents are the
California markets San Diego and Los
Angeles, indicating the shift in places with rapidly rising
home values has yet to hit the rental market.
Low inventory continues to be a problem for home shoppers across
the country -- there are 3 percent fewer homes to choose from than
a year ago, with Minneapolis,
Detroit and Cincinnati reporting the greatest drop in
inventory among the 40 largest U.S. metros. In Minneapolis there are about 18 percent fewer
homes to choose from than a year ago, and 17 percent fewer in
Detroit.
Metropolitan
Area
|
Zillow Home Value
Index (ZHVI)
|
Year-over-Year
ZHVI Change
|
Zillow Rent Index
(ZRI)
|
Year-over-Year ZRI
Change
|
Year-over-Year
Inventory Change
|
United
States
|
$
195,300
|
7.2%
|
$
1,404
|
1.4%
|
-2.9%
|
New York,
NY
|
$
404,800
|
6.6%
|
$
2,392
|
-0.3%
|
-7.1%
|
Los Angeles-Long
Beach-Anaheim, CA
|
$
595,700
|
6.3%
|
$
2,634
|
5.1%
|
-1.0%
|
Chicago,
IL
|
$
206,000
|
6.0%
|
$
1,626
|
-0.8%
|
-8.0%
|
Dallas-Fort Worth,
TX
|
$
202,000
|
11.2%
|
$
1,562
|
3.6%
|
0.6%
|
Philadelphia,
PA
|
$
214,900
|
4.6%
|
$
1,570
|
0.6%
|
-9.1%
|
Houston,
TX
|
$
175,900
|
5.7%
|
$
1,549
|
-2.0%
|
2.6%
|
Washington,
DC
|
$
380,900
|
3.6%
|
n/a
|
n/a
|
-8.9%
|
Miami-Fort
Lauderdale, FL
|
$
248,100
|
9.2%
|
$
1,861
|
1.1%
|
18.2%
|
Atlanta,
GA
|
$
174,200
|
7.5%
|
$
1,334
|
4.2%
|
0.8%
|
Boston, MA
|
$
413,900
|
6.3%
|
$
2,336
|
3.9%
|
-14.7%
|
San Francisco,
CA
|
$
833,600
|
4.4%
|
$
3,361
|
0.4%
|
4.2%
|
Detroit,
MI
|
$
136,500
|
10.0%
|
$
1,173
|
2.7%
|
-16.8%
|
Riverside,
CA
|
$
321,200
|
7.1%
|
$
1,750
|
3.2%
|
-9.9%
|
Phoenix,
AZ
|
$
231,300
|
6.6%
|
$
1,307
|
3.9%
|
6.9%
|
Seattle,
WA
|
$
413,900
|
10.7%
|
$
2,097
|
7.7%
|
-7.8%
|
Minneapolis-St Paul,
MN
|
$
238,000
|
6.7%
|
$
1,563
|
4.1%
|
-17.7%
|
San Diego,
CA
|
$
530,900
|
6.2%
|
$
2,448
|
4.9%
|
-2.6%
|
St. Louis,
MO
|
$
149,800
|
7.5%
|
$
1,128
|
0.2%
|
-9.0%
|
Tampa, FL
|
$
181,200
|
11.9%
|
$
1,343
|
3.1%
|
-7.3%
|
Baltimore,
MD
|
$
258,400
|
4.0%
|
$
1,724
|
0.3%
|
-11.4%
|
Denver, CO
|
$
356,900
|
9.3%
|
$
1,999
|
1.9%
|
8.0%
|
Pittsburgh,
PA
|
$
134,300
|
4.8%
|
$
1,070
|
-2.9%
|
-1.7%
|
Portland,
OR
|
$
357,000
|
12.1%
|
$
1,804
|
6.2%
|
8.8%
|
Charlotte,
NC
|
$
169,000
|
7.4%
|
$
1,246
|
1.8%
|
-9.1%
|
Sacramento,
CA
|
$
355,000
|
7.4%
|
$
1,707
|
5.9%
|
-1.4%
|
San Antonio,
TX
|
$
157,500
|
6.3%
|
$
1,323
|
1.8%
|
10.4%
|
Orlando,
FL
|
$
201,400
|
10.8%
|
$
1,391
|
3.3%
|
-11.5%
|
Cincinnati,
OH
|
$
149,800
|
6.1%
|
$
1,252
|
2.3%
|
-15.5%
|
Cleveland,
OH
|
$
131,700
|
4.9%
|
$
1,140
|
1.4%
|
-5.6%
|
Kansas City,
MO
|
$
153,500
|
5.4%
|
$
1,249
|
3.1%
|
-12.8%
|
Las Vegas,
NV
|
$
216,400
|
9.8%
|
$
1,246
|
2.5%
|
23.5%
|
Columbus,
OH
|
$
161,100
|
4.5%
|
$
1,291
|
1.3%
|
-14.5%
|
Indianapolis,
IN
|
$
135,600
|
3.7%
|
$
1,184
|
0.0%
|
-9.7%
|
San Jose,
CA
|
$
970,000
|
4.0%
|
$
3,455
|
-0.1%
|
-3.0%
|
Austin, TX
|
$
263,400
|
7.7%
|
$
1,696
|
0.4%
|
22.7%
|
Virginia Beach,
VA
|
$
219,800
|
3.2%
|
$
1,393
|
-1.2%
|
-8.1%
|
Nashville,
TN
|
$
208,600
|
12.4%
|
$
1,466
|
4.0%
|
7.7%
|
Providence,
RI
|
$
261,800
|
6.6%
|
$
1,587
|
2.0%
|
-13.7%
|
Milwaukee,
WI
|
$
209,500
|
8.9%
|
$
1,314
|
-1.7%
|
-8.7%
|
Jacksonville,
FL
|
$
177,200
|
7.8%
|
$
1,280
|
1.6%
|
-9.0%
|
Zillow
Zillow® is the leading real estate and rental marketplace
dedicated to empowering consumers with data, inspiration and
knowledge around the place they call home, and connecting them with
the best local professionals who can help. In addition, Zillow
operates an industry-leading economics and analytics bureau led by
Zillow's Chief Economist Dr. Svenja
Gudell. Dr. Gudell and her team of economists and data
analysts produce extensive housing data and research covering more
than 450 markets at Zillow Real Estate Research. Zillow also
sponsors the quarterly Zillow Home Price Expectations Survey, which
asks more than 100 leading economists, real estate experts and
investment and market strategists to predict the path of the Zillow
Home Value Index over the next five years. Zillow also sponsors the
bi-annual Zillow Housing Confidence Index (ZHCI) which measures
consumer confidence in local housing markets, both currently and
over time. Launched in 2006, Zillow is owned and operated by Zillow
Group (NASDAQ: Z and ZG), and headquartered in Seattle.
Zillow and Zestimate are registered trademarks of Zillow,
Inc.
i The Zillow Real Estate Market Reports are a monthly
overview of the national and local real estate markets. The reports
are compiled by Zillow Real Estate Research. For more information,
visit www.zillow.com/research/. The data in Zillow's Real Estate
Market Reports are aggregated from public sources by a number of
data providers for 928 metropolitan and micropolitan areas dating
back to 1996. Mortgage and home loan data are typically recorded in
each county and publicly available through a county recorder's
office. All current monthly data at the national, state, metro,
city, ZIP code and neighborhood level can be accessed at
www.zillow.com/local-info/ and www.zillow.com/research/data.
ii The Zillow Home Value Index (ZHVI) is the median
estimated home value for a given geographic area on a given day and
includes the value of all single-family residences, condominiums
and cooperatives, regardless of whether they sold within a given
period. It is expressed in dollars, and seasonally adjusted.
iii Among the 40 largest U.S. housing markets.
iv Among the slowest in the nation out of the 35 largest
U.S. housing markets.
v The Zillow Rent Index (ZRI) is the median Rent
Zestimate® (estimated monthly rental price) for a given geographic
area on a given day, and includes the value of all single-family
residences, condominiums, cooperatives and apartments in Zillow's
database, regardless of whether they are currently listed for rent.
It is expressed in dollars.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/fastest-appreciating-housing-markets-are-in-the-south-300412314.html
SOURCE Zillow