National median home values are rising at their fastest pace in 12 years, according to the April Zillow® Real Estate Market Reporti. Over the past year, home values across the country rose 8.7 percent to a median value of $215,600.
Home values have not appreciated this quickly since June 2006, right before the housing bubble burst, when they were appreciating 9 percent annually. U.S. home values are now higher than they have ever been, and home values in 21 of the 35 largest housing markets have surpassed peak value hit during the height of the housing boom over a decade ago.
"Home values are rising faster than we've seen in a very long time: The spring home shopping season has been a perfect storm of strong demand and tight supply," said Zillow senior economist Aaron Terrazas.
"Sluggish new construction has exacerbated the supply situation and homes that are hitting the market, are moving very quickly once they do. Americans are also in a spending mood, boosted by recent tax cuts and rising wages. Millennials who long-delayed becoming homeowners are out in force – a shift we're also seeing in softer rent appreciation."
Home values are appreciating the fastest in San Jose, Las Vegas, and Seattle. In San Jose, home values rose 26 percent to a median of $1,263,900. In Las Vegas and Seattle, home values rose 16.5 percent and 13.6 percent, respectively.
Median rent across the nation rose 2.5 percent over the past year to a median payment of $1,449 per month. Sacramento, Calif., Riverside, Calif., and Las Vegas reported the greatest year-over-year rent appreciation among the 35 largest U.S. metros. In Sacramento and Riverside, median rent rose 7 percent and in Las Vegas, median rent rose 4.5 percent.
April ended with mortgage rates on Zillowii at 4.35 percent, after starting the month at 4.20 percent. April mortgage rates peaked toward the end of the monthiii at 4.42 percent, the highest rate since the beginning of 2013iv, and hit a month low in the first few weeks of the monthv when rates were at 4.19 percent. Zillow's real-time mortgage rates are based on thousands of custom mortgage quotes submitted daily to anonymous borrowers on the Zillow Mortgages site and reflect the most recent changes in the market.
|Zillow Home Value
Home Value Hit
|United States||$ 215,600||8.7%||0.0%||$ 1,449||2.5%|
|New York, NY||$ 424,800||7.3%||-6.2%||$ 2,401||0.8%|
|$ 644,600||8.4%||0.0%||$ 2,759||3.9%|
|Chicago, IL||$ 218,000||5.5%||-14.2%||$ 1,653||1.7%|
|$ 225,100||11.2%||0.0%||$ 1,605||1.9%|
|$ 225,300||5.8%||-5.1%||$ 1,581||1.1%|
|Houston, TX||$ 195,500||4.7%||0.0%||$ 1,561||1.2%|
|$ 398,900||4.5%||-8.4%||$ 2,149||1.5%|
|$ 269,100||7.5%||-13.6%||$ 1,867||1.2%|
|Atlanta, GA||$ 200,600||10.6%||0.0%||$ 1,399||4.3%|
|Boston, MA||$ 449,000||6.5%||0.0%||$ 2,385||1.3%|
|$ 947,500||11.4%||0.0%||$ 3,425||2.1%|
|Detroit, MI||$ 151,600||8.9%||-4.8%||$ 1,209||3.4%|
|Riverside, CA||$ 355,700||9.2%||-13.2%||$ 1,894||7.0%|
|Phoenix, AZ||$ 253,100||8.6%||-10.9%||$ 1,368||4.3%|
|Seattle, WA||$ 490,000||13.6%||0.0%||$ 2,208||4.2%|
St Paul, MN
|$ 258,700||7.8%||0.0%||$ 1,644||4.1%|
|San Diego, CA||$ 585,600||8.4%||0.0%||$ 2,549||3.6%|
|St. Louis, MO||$ 159,700||5.2%||0.0%||$ 1,150||0.8%|
|Tampa, FL||$ 202,900||12.4%||-9.2%||$ 1,383||2.4%|
|Baltimore, MD||$ 262,700||4.4%||-12.0%||$ 1,748||1.8%|
|Denver, CO||$ 399,200||8.8%||0.0%||$ 2,058||3.0%|
|Pittsburgh, PA||$ 138,400||6.5%||0.0%||$ 1,083||1.8%|
|Portland, OR||$ 389,100||6.2%||0.0%||$ 1,856||2.4%|
|Charlotte, NC||$ 192,900||11.0%||0.0%||$ 1,301||3.7%|
|$ 398,300||7.8%||-5.9%||$ 1,853||7.0%|
|$ 182,800||5.7%||0.0%||$ 1,344||1.3%|
|Orlando, FL||$ 223,700||10.1%||-15.6%||$ 1,448||3.5%|
|Cincinnati, OH||$ 157,200||5.1%||0.0%||$ 1,282||2.2%|
|Cleveland, OH||$ 138,700||6.5%||-3.5%||$ 1,150||0.3%|
|$ 177,800||8.5%||0.0%||$ 1,278||1.4%|
|Las Vegas, NV||$ 260,800||16.5%||-17.7%||$ 1,305||4.5%|
|Columbus, OH||$ 180,000||9.2%||0.0%||$ 1,332||2.6%|
|$ 149,200||6.6%||0.0%||$ 1,204||1.3%|
|San Jose, CA||$ 1,263,900||26.2%||0.0%||$ 3,529||2.0%|
|Austin, TX||$ 293,100||5.3%||0.0%||$ 1,687||-0.2%|
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 great real estate professionals. In addition, Zillow operates an industry-leading economics and analytics bureau led by Zillow Group'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 is a registered trademark 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 Mortgage rates for a 30-year fixed mortgage.|
|iii Month high hit on April 25th.|
|iv January 5, 2013|
|v Month low was hit on April 4th, 6th, and 11th.|
|vi 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.|
|vii 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.|
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