Philadelphia, PA - Home values are setting new records, and homes are gaining thousands of dollars in value every month. The national median home value is $12,500 more than it was just one year agoMore than half of the nation's largest markets are worth more than they were prior to the onset of the Great Recession. Home values in San Jose, Calif. gained the most in value over the last year, with homes worth 12.3 percent more than they were in October 2016, which translates to a $118,200 increase. Seattle – 11.7 percent – and Las Vegas – 11.2 percent – also saw double-digit home value appreciation over the past year.
- Nationally, home values rose 6.5 percent over the past year to a Zillow Home Value Index of $203,400.
- The median-priced U.S. home is worth $12,500 more than it was in October 2016.
- Home values in booming West Coast markets have gained the most value over the last year. San Jose, Calif. home values rose $118,200 over past year, and Seattle home values rose $48,100.
- Homes in more than half of the nation's largest metros are currently worth more than they were prior to the onset of the Great Recession.
- Rents across the country are up 2.2 percent year-over-year, to a Zillow Rent Index (ZRI) of $1,432 per month. Rents in Sacramento, Calif. and Riverside, Calif. are appreciating the fastest.
Limited housing supply and heavy demand continue to play a role in driving up home prices. There are 11.7 percent fewer homes for sale in the U.S. than a year ago. Inventory has dropped most significantly in San Jose, San Francisco and San Diego over the past year. In San Jose, there are 60.4 percent fewer homes on the market than at this time last year. In San Francisco and San Diego there are 32 and 31 percent fewer homes fewer homes for sale, respectively.