New Zillow® Report Indicates Homes Worth More Than Ever Before

In February, home values rose 4.3 percent year-over-year

By Jeff Sorg, OnlineEd Blog

(c) Can Stock Photo(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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Jeff Sorg

About the Author

Jeff Sorg is a co-founder of OnlineEd®, a Web-based vocational school founded in 1997 where he also serves as Corporate Secretary, Chief Operating Officer, and School Director. Sorg holds vocational instructor licenses in Oregon, Washington, California, and Nevada and has authored numerous pre-licensing and continuing education courses. Sorg was awarded the International Distance Education Certification Center's CDEi Designation for distance education in 2008. OnlineEd® provides real estate, mortgage broker, insurance, and contractor pre-license, post-license, continuing education, career enhancement, and professional development and designation courses over the Internet.