53% of U.S. homes lost value in the past year, the most since 2012
Rhea-AI Summary
Zillow (Z) research found 53% of U.S. homes lost value year-over-year as of October 2025, the highest share since April 2012. The national average drawdown from peak is 9.7%, while the median home value has risen 67% since last sale (median ownership ~8.6 years). Only 4.1% of homes are valued below their last sale price and 3.4% of new listings arrive priced under last-sale value. Metro variation is large: Denver, Austin and Dallas show very high shares of homes down, while Providence, Buffalo and Milwaukee show low shares.
This reflects broad regional dispersion: nationwide normalization in values rather than a repeat of Great Recession declines.
Positive
- Median value up 67% since last sale
- Only 4.1% of homes valued below last sale (Oct 2025)
- 3.4% of new listings priced below last-sale value
Negative
- 53% of U.S. homes lost value year-over-year (Oct 2025)
- Average drawdown from peak of 9.7%
- Share of homes below last sale rose to 4.1% from 2.4% a year ago
- High metro concentration: Denver 90.6%, Austin 89.5% homes down
News Market Reaction – Z
On the day this news was published, Z declined 0.54%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
But losses since the last sale of homes are rare — owners aren't selling for a loss
- Most homes have declined in value from their peak, with an average drawdown of
9.7% . - Just
4.1% of homes have lost value since their last sale, a smaller share than before the pandemic. - Home values are up a median of
67% since last sale nationwide.
But the vast majority of homeowners have seen their home values rise substantially in the time they've owned them —
National home value appreciation has been flat over the past year, but that average hides peaks and valleys by region, metro, neighborhood and all the way down to the individual property. As of October,
"Homeowners may feel rattled when they see their Zestimate drop, and it's more common in today's cooler market environment than in recent years. But relatively few are selling at a loss," said Treh Manhertz, senior economic researcher at Zillow. "Home values surged over the past six years, and the vast majority of homeowners still have significant equity. What we're seeing now is a normalization, not a crash."
The vast majority of homeowners have plenty to feel good about. Nationwide, the median home value increase since last sale — roughly eight and a half years ago at the median — is
Still, home value declines can be scary. For most homeowners, their house is their largest asset, and equity built over time is a major part of their long-term saving and retirement plans. Part of financial planning for many includes tracking the value of their home by regularly checking their Zestimate. Seeing that Zestimate hit a peak and then decline can be worrisome.
Most homes have lost value from their peak, with the average drawdown at
However, what really matters is gaining value (or losing it) between sales. In October,
The continued lack of homes for sale indicates that the overwhelming majority of sellers are not being forced to sell at a discount. Only
Metros that saw some of the fastest growth early in the pandemic and the two most expensive metros have the largest share of listings priced below their last sale, led by
|
Metro Area* |
Share of |
Average |
Median |
Median |
Share of |
2019 Share of |
|
|
53.0 % |
9.7 % |
8.6 |
67.2 % |
3.4 % |
5.9 % |
|
|
21.1 % |
6.5 % |
9.4 |
68.2 % |
2.6 % |
10.5 % |
|
Los Angeles, |
78.5 % |
7.5 % |
12.1 |
84.7 % |
2.9 % |
2.6 % |
|
|
22.9 % |
7.7 % |
9.8 |
54.1 % |
2.0 % |
13.7 % |
|
|
86.7 % |
11.0 % |
8.4 |
50.3 % |
6.6 % |
2.2 % |
|
|
79.6 % |
9.5 % |
8.8 |
44.9 % |
3.7 % |
3.6 % |
|
|
43.2 % |
6.0 % |
9.4 |
48.0 % |
2.6 % |
8.5 % |
|
|
26.5 % |
6.5 % |
9.5 |
72.8 % |
1.2 % |
9.5 % |
|
|
75.9 % |
11.0 % |
9.7 |
84.6 % |
3.3 % |
6.3 % |
|
|
70.4 % |
8.6 % |
7.7 |
72.5 % |
4.0 % |
2.1 % |
|
|
20.7 % |
4.8 % |
9.8 |
82.4 % |
1.1 % |
3.0 % |
|
|
86.9 % |
9.0 % |
8.1 |
78.9 % |
5.5 % |
2.9 % |
|
San |
83.0 % |
14.8 % |
12.1 |
64.7 % |
14.4 % |
4.3 % |
|
|
74.3 % |
6.5 % |
9.8 |
80.1 % |
3.9 % |
5.3 % |
|
|
38.1 % |
11.1 % |
9.8 |
62.4 % |
2.4 % |
6.3 % |
|
|
78.4 % |
9.5 % |
9.2 |
81.4 % |
3.8 % |
1.7 % |
|
|
55.4 % |
6.6 % |
9.2 |
49.9 % |
2.1 % |
2.6 % |
|
|
77.8 % |
8.2 % |
11.1 |
87.9 % |
4.0 % |
2.5 % |
|
|
85.2 % |
12.0 % |
7.9 |
78.4 % |
5.4 % |
3.4 % |
|
|
90.6 % |
9.7 % |
8.4 |
58.9 % |
6.3 % |
0.6 % |
|
|
33.8 % |
7.2 % |
9.8 |
48.9 % |
2.6 % |
16.2 % |
|
|
38.2 % |
10.9 % |
8.4 |
55.3 % |
2.8 % |
7.0 % |
|
|
85.2 % |
8.3 % |
8.2 |
72.4 % |
6.5 % |
5.6 % |
|
|
56.8 % |
7.1 % |
7.6 |
82.0 % |
1.9 % |
1.3 % |
|
|
86.3 % |
13.1 % |
8.6 |
37.4 % |
8.1 % |
2.2 % |
|
|
80.8 % |
8.2 % |
9.0 |
57.8 % |
6.4 % |
2.8 % |
|
|
87.5 % |
8.7 % |
9.6 |
60.1 % |
3.6 % |
3.1 % |
|
|
48.1 % |
13.2 % |
9.9 |
69.6 % |
1.7 % |
4.8 % |
|
|
29.4 % |
7.0 % |
9.4 |
82.4 % |
0.9 % |
4.6 % |
|
|
89.5 % |
20.5 % |
7.6 |
47.3 % |
12.6 % |
1.6 % |
|
|
81.2 % |
6.8 % |
8.4 |
66.7 % |
3.3 % |
6.5 % |
|
|
46.1 % |
7.9 % |
8.6 |
62.9 % |
1.6 % |
2.5 % |
|
|
40.9 % |
7.5 % |
9.5 |
89.9 % |
1.0 % |
2.0 % |
|
|
48.7 % |
6.5 % |
7.2 |
66.3 % |
1.7 % |
3.3 % |
|
|
21.1 % |
7.9 % |
10.6 |
71.5 % |
2.0 % |
10.4 % |
|
|
78.0 % |
10.3 % |
12.5 |
97.2 % |
8.9 % |
2.2 % |
|
|
65.7 % |
7.7 % |
7.7 |
82.8 % |
2.6 % |
2.5 % |
|
|
31.4 % |
4.6 % |
7.1 |
51.3 % |
2.4 % |
12.2 % |
|
|
16.3 % |
3.6 % |
10.2 |
95.3 % |
0.9 % |
5.4 % |
|
|
82.7 % |
10.7 % |
7.0 |
63.5 % |
6.4 % |
6.1 % |
|
|
13.5 % |
5.4 % |
9.4 |
77.8 % |
0.9 % |
6.4 % |
|
|
64.7 % |
7.7 % |
7.7 |
55.7 % |
1.8 % |
2.4 % |
|
|
67.9 % |
6.7 % |
7.2 |
74.8 % |
2.7 % |
1.9 % |
|
|
68.1 % |
9.5 % |
9.1 |
64.9 % |
3.6 % |
6.5 % |
|
|
29.0 % |
6.3 % |
8.1 |
67.1 % |
1.0 % |
4.8 % |
|
|
36.6 % |
6.2 % |
8.3 |
62.0 % |
1.3 % |
3.1 % |
|
|
54.0 % |
15.9 % |
9.3 |
46.4 % |
4.9 % |
6.0 % |
|
Salt Lake |
46.5 % |
5.4 % |
8.8 |
78.3 % |
4.0 % |
0.9 % |
|
|
12.7 % |
5.7 % |
10.9 |
72.0 % |
1.3 % |
16.4 % |
|
|
15.9 % |
5.4 % |
10.3 |
107.9 % |
2.3 % |
1.9 % |
|
|
46.5 % |
10.7 % |
8.0 |
52.3 % |
4.9 % |
7.8 % |
*Table ordered by market size
About Zillow Group:
Zillow Group, Inc. (Nasdaq: Z and ZG) is reimagining real estate to make home a reality for more and more people. As the most visited real estate app and website in
Zillow Group's affiliates, subsidiaries and brands include Zillow®, Zillow Premier Agent®, Zillow Home Loans℠, Zillow Rentals®, Trulia®, Out East®, StreetEasy®, HotPads®, ShowingTime+℠, Spruce®, and Follow Up Boss®.
All marks herein are owned by MFTB Holdco, Inc., a Zillow affiliate. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org). © 2025 MFTB Holdco, Inc., a Zillow affiliate.
(ZFIN)
View original content to download multimedia:https://www.prnewswire.com/news-releases/53-of-us-homes-lost-value-in-the-past-year-the-most-since-2012-302615152.html
SOURCE Zillow
FAQ
What does Zillow's Nov 17, 2025 report say about U.S. home values (Z)?
How many U.S. homes are worth less than when they were last sold (Z)?
What is the median change in home value since last sale nationwide (Z)?
How common are new listings priced below last-sale value in Oct 2025 (Z)?
Which metros had the highest share of homes down year-over-year in Zillow's report (Z)?
Does Zillow describe the current housing trend as a crash or normalization (Z)?
