We’re hearing a lot about what’s happening in the housing market in different metro areas around the country, but I ran across this summary from Zillow that makes it easy to see exactly what’s happening in your market.
It’s the Real Estate Market Snapshot and highlights price and inventory – the two main factors in housing’s growth or decline. This is one place to see really quickly what’s happening from one city to the next.
Knowing national trends is fine, but isn’t as impactful when it comes to helping you make investing decisions in your own neighborhood or surrounding areas. As we’ve seen, market conditions can change dramatically from one region of the country to the next, and that’s where this data can help.
You get to see the Zillow Home Value Index (the median home price), the year-over-year price change and the year-over-year inventory change (there’s a nice color-coded interactive version of the data here). On top of that, you can see the month-by-month trend.
So what are we seeing? The majority of the markets shown here are experiencing increases to the median home prices, with the exception of a little over a dozen markets, mainly concentrated in the eastern half of the country. California and much of Florida are seeing the biggest gains overall, but in the majority of markets around the country average price and inventory are on the upswing.
Let’s take my hometown of Denver.
Median home value is just over $274,000, representing an 11% price increase, but with a 30% decrease in inventory. The picture in Colorado Springs is a little different, with an average price of $212,000 representing a 6% change and a -1% inventory change.
New York is sitting at just about $383,000 for a 5% change with a 16% inventory increase. LA? $532,000 with a 6% bump and 20% supply gain. Down in S. Florida, things are heating up with a median home price of $208,000, which is a 14% gain and with a nearly 25% inventory gain.
Again, why does this matter to you? It will give you a better view of what’s happening where you live and also open your eyes to potential investing opportunities outside your own neighborhood. It’s about being an informed investor. So I encourage you to take a look at the data and identify your own trends and opportunities. When you do, tell me about them in the Comments below.
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