SEATTLE, July 20, 2017 /PRNewswire/ -- The typical
U.S. home is worth over $200,000 for
the first time ever, according to the June Zillow® Real Estate
Market Reportsi. The national median home
value is now $200,400, up about 7 and
a half percent since this time last year.
High buyer demand coupled with fewer homes for sale is driving
up home values across the country -- there are 11 percent fewer
homes on the market than a year ago, the greatest drop in inventory
since July 2013. National home values
have been rising at over 7 percent annually for the past five
months, with many markets consistently rising in the
double-digits.
During the height of the housing bubble over a decade ago, the
median U.S. home value peaked at $196,600 but never surpassed the $200,000 threshold until now.
"The national housing market remains red hot and shows no signs
of slowing, even as some local markets like the Bay Area have
noticeably cooled," said Zillow Chief Economist Dr. Svenja Gudell. "But even in areas where the
housing market has slowed, home values are at or very near peak
levels, selection is limited, demand is high and competition is
fierce. Given these high costs and high competition, the most
important thing you can do is get your finances in order so you
know what you can comfortably afford, and find an agent who has
experience with bidding wars and will help you stand out in a
competitive market, especially if you're buying for the first
time."
Home values in Seattle, Dallas and Las
Vegas are rising fastest, all reporting year-over-year gains
in the double-digits. In Seattle,
home values are up 13 percent year-over-year to a median home value
of $447,100. Home values in Dallas and Las
Vegas are up 10.5 and 10 percent, respectively.
San Jose, Columbus, Ohio and San Diego reported the greatest drop in
inventory since this time last year. Home shoppers in San
Jose will have nearly 40 percent fewer homes to choose from
than a year ago, and there are 33 percent fewer in Columbus and San
Diego.
Median rent across the nation has been holding steady at about a
1 percent annual gain for the past six months -- the median rent
across the country is now $1,422 per
month, up just over 1 percent annually. Seattle, Los
Angeles and Sacramento,
Calif. reported the greatest annual rent increases among the
35 largest U.S. metros. In Seattle, rents are up 5 percent to a Zillow
Rent Indexii (ZRI) of $2,142 per month. Median rent in Sacramento is up 4.5 percent, and in
Los Angeles, median rent has risen
4 percent.
Median rent is falling in 12 of the 35 largest U.S. metros,
falling the most in Pittsburgh
(down 4 percent) and Houston (down
3 percent). Miami, San Jose and San
Francisco are also among the metros where rent is cheaper
this year than last.
In June, mortgage ratesiii on Zillow ended at
3.76 percent, the lowest month-ending rate since October 2016.
Rates in June were the most stable they have been in ten months,
holding within a 9 basis point range over the monthiv.
Mortgage rates were at or near their monthly lows of 3.67 percent
for most of the month. Zillow's real-time mortgage rates are
based on thousands of custom mortgage quotes submitted daily to
anonymous borrowers on the Zillow Mortgages site and reflect the
most recent changes in the market.
Metropolitan
Area
|
Zillow Home
Value
Indexv (ZHVI)
|
Year-over-
Year ZHVI
Change
|
Zillow Rent
Index
(ZRI)
|
Year-over-
Year ZRI
Change
|
Year-over-Year
Inventory
Change
|
United
States
|
$
200,400
|
7.4%
|
$
1,422
|
1.1%
|
-11.4%
|
New York,
NY
|
$
422,300
|
9.2%
|
$
2,376
|
-1.6%
|
-17.6%
|
Los Angeles-Long
Beach-Anaheim, CA
|
$
609,800
|
6.1%
|
$
2,682
|
4.2%
|
-16.8%
|
Chicago,
IL
|
$
211,200
|
6.5%
|
$
1,638
|
-0.4%
|
-11.9%
|
Dallas-Fort Worth,
TX
|
$
211,000
|
10.5%
|
$
1,584
|
2.9%
|
9.0%
|
Philadelphia,
PA
|
$
218,700
|
4.8%
|
$
1,567
|
-0.9%
|
-15.3%
|
Houston,
TX
|
$
178,400
|
3.9%
|
$
1,538
|
-2.8%
|
10.6%
|
Washington,
DC
|
$
382,600
|
3.1%
|
$
2,126
|
0.2%
|
-20.2%
|
Miami-Fort
Lauderdale, FL
|
$
253,100
|
7.6%
|
$
1,849
|
-1.9%
|
1.6%
|
Atlanta,
GA
|
$
179,900
|
8.1%
|
$
1,348
|
3.0%
|
-12.3%
|
Boston, MA
|
$
427,700
|
7.8%
|
$
2,364
|
2.6%
|
-21.2%
|
San Francisco,
CA
|
$
854,300
|
5.7%
|
$
3,372
|
-0.5%
|
-25.8%
|
Detroit,
MI
|
$
141,000
|
9.5%
|
$
1,162
|
-1.6%
|
-20.9%
|
Riverside,
CA
|
$
328,800
|
6.1%
|
$
1,793
|
3.5%
|
-19.8%
|
Phoenix,
AZ
|
$
236,900
|
6.5%
|
$
1,322
|
2.2%
|
-11.5%
|
Seattle,
WA
|
$
447,100
|
13.1%
|
$
2,142
|
5.4%
|
-24.1%
|
Minneapolis-St Paul,
MN
|
$
247,400
|
8.6%
|
$
1,593
|
3.5%
|
-30.4%
|
San
Diego, CA
|
$
548,000
|
6.9%
|
$
2,484
|
2.9%
|
-32.5%
|
St. Louis,
MO
|
$
148,600
|
3.6%
|
$
1,140
|
0.0%
|
-12.7%
|
Tampa, FL
|
$
185,700
|
10.1%
|
$
1,353
|
1.7%
|
-20.8%
|
Baltimore,
MD
|
$
261,000
|
3.8%
|
$
1,727
|
-0.5%
|
-20.7%
|
Denver, CO
|
$
370,000
|
8.8%
|
$
2,009
|
0.2%
|
-3.6%
|
Pittsburgh,
PA
|
$
137,400
|
5.0%
|
$
1,074
|
-3.9%
|
-10.5%
|
Portland,
OR
|
$
367,400
|
8.3%
|
$
1,825
|
3.5%
|
4.0%
|
Charlotte,
NC
|
$
174,800
|
8.2%
|
$
1,263
|
1.6%
|
-21.2%
|
Sacramento,
CA
|
$
369,200
|
8.7%
|
$
1,744
|
4.5%
|
-14.5%
|
San Antonio,
TX
|
$
162,700
|
6.9%
|
$
1,332
|
1.1%
|
-2.4%
|
Orlando,
FL
|
$
207,000
|
9.6%
|
$
1,405
|
2.7%
|
-14.5%
|
Cincinnati,
OH
|
$
152,600
|
6.6%
|
$
1,257
|
1.2%
|
-22.7%
|
Cleveland,
OH
|
$
134,600
|
5.5%
|
$
1,149
|
0.1%
|
3.3%
|
Kansas City,
MO
|
$
159,400
|
6.8%
|
$
1,266
|
2.0%
|
7.7%
|
Las Vegas,
NV
|
$
225,500
|
10.2%
|
$
1,252
|
1.1%
|
1.4%
|
Columbus,
OH
|
$
162,500
|
4.7%
|
$
1,303
|
0.8%
|
-32.9%
|
Indianapolis,
IN
|
$
138,100
|
5.0%
|
$
1,189
|
-0.4%
|
-24.0%
|
San Jose,
CA
|
$
1,013,700
|
5.9%
|
$
3,472
|
-1.1%
|
-39.4%
|
Austin, TX
|
$
271,500
|
7.1%
|
$
1,695
|
-1.1%
|
23.1%
|
About 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. Launched in 2006, Zillow
is owned and operated by Zillow Group, Inc. (NASDAQ:Z and ZG), and
headquartered in Seattle.
Zillow and Zestimates 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 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.
iii Rates for a 30-year fixed mortgage.
iv In the average month, rates moved in a 20 basis
point range.
v 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.
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SOURCE Zillow