53% of U.S. homes lost value in the past year, the most since 2012
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.
Zillow (Z) ha rilevato che il 53% delle case statunitensi ha perso valore rispetto all'anno precedente a ottobre 2025, la quota più alta dal aprile 2012. La riduzione media dal picco nazionale è 9,7%, mentre il valore mediano delle abitazioni è aumentato del 67% rispetto all'ultima vendita (la proprietà mediana è di circa 8,6 anni). Solo il 4,1% delle case è valutato al di sotto del prezzo dell'ultima vendita e il 3,4% dei nuovi immobili arrivano con prezzo inferiore al valore dell'ultima vendita. La variazione tra i quartieri è ampia: Denver, Austin e Dallas mostrano quote molto alte di case in ribasso, mentre Providence, Buffalo e Milwaukee mostrano quote basse.
Questo riflette una diffusa dispersione regionale: normalizzazione dei valori a livello nazionale piuttosto che una ripetizione dei cali della Grande Recessione.
Zillow (Z) investigaciones encontraron 53% de las viviendas de EE. UU. perdieron valor año tras año a octubre de 2025, la cuota más alta desde abril de 2012. La pérdida media desde el pico es del 9,7%, mientras que el valor medio de la vivienda ha subido un 67% desde la última venta (la propiedad promedio se mantiene ~8,6 años). Solo el 4,1% de las viviendas están valoradas por debajo del precio de su última venta y el 3,4% de los nuevos inmobiliarios llegan con precio por debajo del valor de la última venta. La variación entre metro (áreas metropolitanas) es grande: Denver, Austin y Dallas muestran porcentajes de viviendas en caída muy altos, mientras que Providence, Buffalo y Milwaukee muestran porcentajes bajos.
Esto refleja una dispersión regional amplia: normalización de valores a nivel nacional en lugar de una repetición de los descensos de la Gran Recesión.
Zillow (Z) 연구에 따르면 미국 주택의 53%가 전년 동월 대비 가치가 하락했으며, 2025년 10월 기준 이는 2012년 4월 이후 최고치입니다. 전국적으로 피크 대비 평균 조정률은 9.7%이며, 중위 주택 가격은 지난 매매가 대비 67% 상승했습니다(중위 보유 기간 약 8.6년). 주택의 4.1%만이 최근 매매가 아래로 평가되며, 신규 매물의 3.4%가 지난 매매가보다 낮은 가격으로 나옵니다. 대도시 차이는 큽니다: 덴버, 오스틴, 댈러스는 하락 비율이 매우 높은 반면 프로비던스, 버팔로, 밀워키는 낮은 비율을 보입니다.
이는 지역 간 광범위한 분포를 반영합니다: 전국적으로 가치는 정상화되고 있으며 대불황의 하락을 재현하는 것이 아닙니다.
Zillow (Z) a montré que 53% des maisons américaines ont perdu de la valeur d'une année sur l'autre en octobre 2025, la plus forte part depuis avril 2012. La perte moyenne par rapport au sommet est de 9,7%, tandis que la valeur médiane des logements a augmenté de 67% depuis la dernière vente (la durée de propriété médiane ~8,6 ans). Seulement 4,1% des maisons sont évaluées en dessous du prix de leur dernière vente et 3,4% des nouvelles annonces arrivent à des prix inférieurs à la valeur de la dernière vente. La variation entre les métros est grande: Denver, Austin et Dallas affichent des parts très élevées de maisons en baisse, tandis que Providence, Buffalo et Milwaukee affichent des parts plus faibles.
C ceci reflète une dispersion régionale large: normalisation des valeurs au niveau national plutôt qu'une répétition des baisses de la Grande Récession.
Zillow (Z) Forschung ergab, dass 53% der US-Haushalte im Jahresvergleich an Wert verloren haben bis Oktober 2025, der höchste Anteil seit April 2012. Die landesweite Durchschnittsminderung vom Höchststand beträgt 9,7%, während der Medianwert der Wohnungen seit dem letzten Verkauf um 67% gestiegen ist (Durchschnittsalter der Eigentumsdauer ca. 8,6 Jahre). Nur 4,1% der Häuser werden unter dem Preis des letzten Verkaufs bewertet und 3,4% der neuen Inserate kommen zu Preisen unter dem letzten Verkaufspreis. Die Unterschiede zwischen Metros sind groß: Denver, Austin und Dallas weisen sehr hohe Anteile an fallenden Werten auf, während Providence, Buffalo und Milwaukee niedrige Anteile zeigen.
Dies spiegelt eine breite regionale Streuung wider: landesweite Normalisierung der Werte statt einer Wiederholung der Verluste der Großen Rezession.
زillow (Z) أظهرت أبحاث أن 53% من منازل الولايات المتحدة فقدت قيمتها على أساس سنوي حتى أكتوبر 2025، وهي أعلى نسبة منذ أبريل 2012. المعدل الوطني انخفاض قدره 9.7%، بينما ارتفع قيمة المنزل الوسيط بنسبة 67% منذ آخر بيع (فترة امتلاك وسيطة نحو 8.6 سنوات). فقط 4.1% من المنازل مُقَيّمة أقل من سعر بيعها الأخير و3.4% من القوائم الجديدة تصل بأسعار دون قيمة آخر بيع. التباين بين المناطق الكبيرة كبير: أظهرت دنفر وأوستن ودالس نسباً عالية جداً من المنازل التي انخفضت، بينما أظهرت بروفيدنس وبافالو وميلواكي نسباً منخفضة.
هذا يعكس توزيعا إقليمياً واسعاً: اعتياد القيم على مستوى البلاد بدلاً من تكرار انخفاضات الأزمة الكبرى.
- 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
- 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
Insights
Major share of U.S. homes fell year‑over‑year, but most owners still hold strong cumulative gains since purchase.
The data show 53% of U.S. homes declined in value over the past year and the average drawdown from peak is
These facts describe a market where short‑term cooling is widespread but long‑term owner equity remains substantial. Key risks are concentrated where the share of new listings priced below last sale is elevated — for example San Francisco (
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)?
