For First Time Typical Home Value Surpasses $200,000

Category: Property Valuations

For the first time ever, the typical U.S. home value has surpassed $200,000, reports World Property Journal. Real estate data firm Zillow reports in its June 2017 Real Estate Market Report that the national median home value is $200,400, up 7.4 percent year over year and above the height of the housing bubble when the median value reached $196,600.

Home values “at or very near” peak

It’s reportedly high buyer demand coupled with low housing stock that is driving up home values across the nation, according to the article. Nationally, home values have risen more than seven percent annually for each of the last five months, and some markets are even seeing double-digit appreciation.

“Even in areas where the housing market has slowed, home values are at or very near peak levels, the selection is limited, demand is high and competition is fierce,” said Svenja Gudell, chief economist for Zillow. “Given these high costs and high competition, the most important thing you can do is get your finances in order so you know what you can comfortably afford, and find an agent who has experience with bidding wars and will help you stand out in a competitive market, especially if you’re buying for the first time,” she counseled.

Seattle homes up 13 percent from 2016

Home values in Seattle, Dallas, and Las Vegas were reportedly rising the fastest. Seattle homes gained 13 percent in value in just the last year, reaching a median value of $447,100 in June. Homes in Dallas and Las Vegas were said to be increasing in value at 10.5 and 10 percent, respectively.

Bucking the national trend, Gudell noted that the Bay Area market has noticeably “cooled,” with year-over-year appreciation rising a more modest 5.7 percent in San Francisco, and 5.9 percent in San Jose, Calif.

Posted on: Friday, August 4, 2017