In February, home values rose 4.3 percent year-over-year
By Jeff Sorg, OnlineEd Blog
(March 25, 2016) – According to the February Zillow® Real Estate Market Reports, homes were worth more than ever before in 26 percent of U.S. housing markets.
Many of the experts surveyed for the November 2015 Zillow Home Price Expectations Survey told Zillow they are concerned that homes in San Francisco, Seattle, San Diego, and Los Angeles are overvalued and approaching bubble conditions.
“These new records mean we’re no longer making up ground lost during the housing recession –we’re laying a new path forward, based on demand for housing and economic growth throughout the economy,” said Zillow Chief Economist Dr. Svenja Gudell. “In some markets, these new highs are a return to normalcy. The fact that other markets are still off by double digits may not mean those markets are far from being recovered. It just highlights how extraordinarily inflated home values had been during the housing bubble.”
The national Zillow Home Value Index was $184,600 in February, which is still 5.9 percent below the record median home value set in mid-2007. The Zillow Rent Forecast shows rents are rising at 2.6 percent year-over-year and that rents will continue to slow significantly over the next year.
Metro | Feb. 2016 Zillow Home Value Index |
YoY Home Value Change |
Percent From All-Time High |
Zillow Rent Index |
United States | $ 184,600 | 4.3% | -5.9% | $ 1,383 |
New York/Northern New Jersey | $ 383,900 | 2.2% | -13.9% | $ 2,401 |
Los Angeles-Long Beach-Anaheim, CA | $ 561,000 | 6.1% | -8.1% | $ 2,507 |
Chicago, IL | $ 193,500 | 3.2% | -21.3% | $ 1,631 |
Dallas-Fort Worth, TX | $ 180,700 | 13.7% | 0.0% | $ 1,506 |
Philadelphia, PA | $ 203,900 | 1.6% | -12.4% | $ 1,554 |
Houston, TX | $ 170,800 | 6.6% | 0.0% | $ 1,575 |
Washington, DC | $ 358,700 | 0.6% | -16.9% | $ 2,110 |
Miami-Fort Lauderdale, FL | $ 228,800 | 10.5% | -25.4% | $ 1,838 |
Atlanta, GA | $ 162,300 | 6.4% | -6.6% | $ 1,280 |
Boston, MA | $ 387,400 | 5.9% | 0.0% | $ 2,250 |
San Francisco, CA | $ 792,600 | 10.9% | 0.0% | $ 3,350 |
Detroit, MI | $ 122,600 | 6.5% | -22.0% | $ 1,143 |
Riverside, CA | $ 300,400 | 6.0% | -25.5% | $ 1,695 |
Phoenix, AZ | $ 218,300 | 8.1% | -21.1% | $ 1,257 |
Seattle, WA | $ 373,000 | 9.4% | -1.9% | $ 1,946 |
Minneapolis-St Paul, MN | $ 218,600 | 4.5% | -9.7% | $ 1,501 |
San Diego, CA | $ 503,400 | 5.8% | -6.5% | $ 2,338 |
St. Louis, MO | $ 141,500 | 6.0% | -11.0% | $ 1,123 |
Tampa, FL | $ 163,000 | 9.2% | -25.3% | $ 1,301 |
Baltimore, MD | $ 245,200 | 2.0% | -15.4% | $ 1,713 |
Denver, CO | $ 326,300 | 14.5% | 0.0% | $ 1,959 |
Pittsburgh, PA | $ 125,700 | 0.9% | -0.1% | $ 1,098 |
Portland, OR | $ 315,800 | 13.4% | 0.0% | $ 1,699 |
Charlotte, NC | $ 159,000 | 5.0% | 0.0% | $ 1,220 |
Sacramento, CA | $ 335,700 | 8.2% | -20.3% | $ 1,608 |
San Antonio, TX | $ 148,800 | 6.3% | 0.0% | $ 1,297 |
Orlando, FL | $ 183,200 | 7.8% | -29.5% | $ 1,345 |
Cincinnati, OH | $ 142,900 | 3.9% | -0.9% | $ 1,221 |
Cleveland, OH | $ 124,800 | 2.3% | -13.4% | $ 1,114 |
Kansas City, MO | $ 147,500 | 6.0% | -7.5% | $ 1,212 |
Las Vegas, NV | $ 201,900 | 9.0% | -33.8% | $ 1,210 |
Columbus, OH | $ 152,300 | 4.7% | 0.0% | $ 1,270 |
Indianapolis, IN | $ 130,400 | 3.3% | -6.8% | $ 1,181 |
San Jose, CA | $ 938,700 | 11.4% | 0.0% | $ 3,453 |
Austin, TX | $ 245,500 | 9.0% | 0.0% | $ 1,686 |
(Source: Zillow®)
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Zillow® is the leading real estate and rental marketplace dedicated to empowering consumers with data. 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 is a registered trademark of Zillow, Inc.
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