Home values are rising in half the country, falling in the other
Zillow (NYSE:ZG) reports a significant shift in the U.S. housing market, with home values falling in half of the nation's largest markets while rising in others, particularly in the Midwest and Northeast. The national average shows minimal growth of 0.2% year-over-year, with Cleveland leading value increases at 4.7% while Tampa sees the largest decline at -6.2%.
Buyers are gaining leverage across markets, with 27 major metros now in buyers' favor or neutral, up from 24 last month. A record 27.4% of listings have price cuts, and the median listing time has reached 60 days, the longest for any July in Zillow's data. Despite these advantages, high costs continue to keep many buyers sidelined, with monthly mortgage payments still nearly $1,000 higher than pre-pandemic levels.
Zillow (NYSE:ZG) segnala un cambiamento significativo nel mercato immobiliare statunitense: i valori delle case sono diminuiti in metà dei principali mercati nazionali mentre sono aumentati in altre aree, soprattutto nel Midwest e nel Nordest. La media nazionale mostra una crescita minima del 0,2% su base annua, con Cleveland in testa agli aumenti con il 4,7% e Tampa che registra il calo maggiore con il -6,2%.
Gli acquirenti stanno guadagnando potere contrattuale in molti mercati: 27 grandi aree metropolitane sono ora a favore degli acquirenti o neutrali, rispetto alle 24 del mese precedente. Un record del 27,4% degli annunci presenta riduzioni di prezzo e il tempo mediano di permanenza dell'annuncio ha raggiunto i 60 giorni, il livello più alto per un luglio secondo i dati Zillow. Nonostante questi vantaggi, i costi elevati tengono ancora fuori molti compratori, con le rate ipotecarie mensili ancora quasi $1.000 più alte rispetto ai livelli pre-pandemia.
Zillow (NYSE:ZG) informa de un cambio significativo en el mercado de la vivienda en EE. UU.: los valores de las viviendas han caído en la mitad de los principales mercados del país mientras suben en otros, especialmente en el Medio Oeste y el Noreste. El promedio nacional muestra un crecimiento mínimo del 0,2% interanual, con Cleveland liderando las subidas con un 4,7% y Tampa registrando la mayor caída con un -6,2%.
Los compradores están ganando influencia en varios mercados: 27 grandes áreas metropolitanas están ahora a favor de los compradores o neutrales, frente a 24 el mes pasado. Un récord del 27,4% de los anuncios tiene rebajas de precio y el tiempo medio de publicación ha alcanzado los 60 días, el más alto para un julio según los datos de Zillow. A pesar de estas ventajas, los altos costos siguen manteniendo fuera a muchos compradores, con los pagos hipotecarios mensuales todavía casi $1,000 más altos que antes de la pandemia.
Zillow (NYSE:ZG)는 미국 주택 시장에서 큰 변화를 보고했습니다. 주요 시장의 절반에서 주택 가치가 하락한 반면 미드웨스트와 북동부 일부 지역에서는 상승했습니다. 전국 평균은 전년 대비 0.2%의 미미한 증가를 보였고, 가치 상승은 클리블랜드가 4.7%로 선두를 차지했으며 탬파는 -6.2%로 가장 큰 하락을 기록했습니다.
구매자들이 시장 전반에서 우위를 점하고 있어 27개 주요 메트로가 현재 구매자 우위 또는 중립 상태로, 지난달의 24개에서 늘었습니다. 목록의 27.4%가 가격 인하를 기록했으며, 매물의 중앙값 상장 기간은 60일로 Zillow 데이터 기준 7월 중 최고 기록입니다. 그럼에도 불구하고 높은 비용으로 많은 구매자가 여전히 시장에서 배제되고 있으며, 월별 주택담보대출 상환액은 팬데믹 이전보다 여전히 거의 $1,000 더 높습니다.
Zillow (NYSE:ZG) signale un changement important sur le marché immobilier américain : les valeurs des logements ont baissé dans la moitié des plus grands marchés du pays tandis qu'elles augmentent ailleurs, notamment au Midwest et dans le Nord-Est. La moyenne nationale affiche une croissance minimale de 0,2% en glissement annuel, Cleveland en tête avec une hausse de 4,7%, tandis que Tampa enregistre la plus forte baisse avec -6,2%.
Les acheteurs gagnent en pouvoir sur de nombreux marchés : 27 grandes métropoles sont désormais en faveur des acheteurs ou neutres, contre 24 le mois précédent. Un record de 27,4% des annonces comporte des baisses de prix et la durée médiane d'une annonce a atteint 60 jours, un niveau le plus élevé pour un mois de juillet selon les données Zillow. Malgré ces atouts, les coûts élevés maintiennent encore de nombreux acheteurs à l'écart, les mensualités hypothécaires restant près de 1 000 $ plus élevées qu'avant la pandémie.
Zillow (NYSE:ZG) meldet eine bedeutende Verschiebung auf dem US-Immobilienmarkt: Die Hauswerte sind in der Hälfte der größten Märkte des Landes gesunken, während sie in anderen, vor allem im Mittleren Westen und Nordosten, gestiegen sind. Der nationale Durchschnitt zeigt mit 0,2% im Jahresvergleich nur ein geringes Wachstum; Cleveland führt die Zuwächse mit 4,7% an, während Tampa mit -6,2% den größten Rückgang verzeichnet.
Käufer gewinnen in vielen Märkten an Stärke: 27 große Metropolregionen sind jetzt zugunsten der Käufer oder neutral, gegenüber 24 im Vormonat. Ein Rekordanteil von 27,4% der Inserate weist Preisreduzierungen auf, und die mittlere Angebotsdauer hat 60 Tage erreicht, den längsten Wert für einen Juli in den Zillow-Daten. Trotz dieser Vorteile bleiben viele Käufer wegen hoher Kosten außen vor, da die monatlichen Hypothekenzahlungen nach wie vor fast $1.000 höher sind als vor der Pandemie.
- Record high 27.4% of listings with price cuts, indicating better buyer negotiating power
- Home values rose in 25 major markets, with Cleveland leading at 4.7% growth
- Monthly mortgage costs decreased by $19 over the past year
- Builders successfully responding to demand in areas with fewer restrictions, helping balance supply
- Home values declined in 25 major markets, with Tampa falling 6.2%
- Monthly mortgage payments remain nearly $1,000 higher than pre-pandemic levels
- National housing deficit of 4.7 million units persists
- Median listing time of 60 days indicates slower market activity
- Inventory remains 19% below pre-pandemic levels nationally
Insights
Housing market is showing regional divergence with Northeast/Midwest rising, South/West falling, indicating uneven recovery and persistent affordability challenges.
The latest Zillow data reveals a stark geographic divide in the U.S. housing market. Home values are up in 25 major metros (primarily in the Midwest and Northeast) while falling in another 25 metros (mostly in the South and West). This bifurcation reflects underlying structural differences in supply constraints and building activity.
Markets with the strongest appreciation—Cleveland (
The data clearly demonstrates how construction activity impacts price trajectories. Markets with significant price corrections largely overlap with areas that issued the most building permits from 2020-2024. When builders can respond to demand with fewer regulatory barriers, it creates equilibrium that limits price growth and improves affordability.
Buyer leverage is increasing across the country, with 27 major markets now balanced or buyer-favored, up from 18 a year ago. This shift is evident in the record
Yet despite these buyer-friendly signals, affordability remains the fundamental challenge. While monthly mortgage costs have decreased
The nationwide housing deficit of 4.7 million units continues to underpin demand, suggesting that current price corrections are more about affordability constraints than weakening housing fundamentals. This explains why even in declining markets, values remain well above pre-pandemic levels.
Buyers gain negotiating leverage, but high costs keep many on the sidelines
- Buyers continue to gain leverage. Now, 27 major metros are in buyers' favor or neutral, up from 24 last month.
- Listings are lingering: The median for-sale home has been listed for 60 days, the longest of any July in Zillow data.
- Sellers cut prices on
27.4% of listings, a record high in Zillow data that stretches through 2018.
Home values rose over last year in 25 major markets, mostly in the Midwest and Northeast. Demand is high — especially in affordable areas — but building restrictions have put a damper on new and higher-density projects. Sellers have few options to move up to, and existing inventory is still below pre-pandemic averages in many metros.
Meanwhile, home values have fallen year over year in 25 markets — most of them situated in the South or West — restoring a tiny chunk of affordability lost in the early pandemic run-up in prices. In the South, builders have kept up with demand better, easing price pressure and giving homeowners options to move into. Buyers are likely still running into affordability walls in expensive western coastal metros like
"Perhaps more than ever, whether it's a good time to buy depends on where you live," said Kara Ng, senior economist at Zillow. "A defining trait of this market is that buyers are gaining leverage that most of them can't use, because cost barriers are too high. Buyers forced to the sidelines means less competition for those who can still afford it. Affordability is gradually improving where builders have been able to keep up with demand, showing why continuing to build is so critical. It's not just about giving buyers power, it's enabling them to use it."
Price-growth divide linked to recent success of builders
Home value appreciation is nearly flat at the national average, rising just
Among the 50 largest
Metros where price corrections are steepest are among those with the largest increase in inventory compared to before the pandemic. All of these metros except
New construction is slowing the growth of a nationwide housing deficit, but a gap of 4.7 million units persists. The underlying demand for homes is out there — at lower price levels.
Price cuts reach record high
Sellers cut prices on
Zillow's market heat index shows competition among buyers continues to decline nationwide, reaching the lowest point for any July since at least 2018. Now, 27 major markets are either balanced or in the buyer's favor — three more than last month, and nine more than last July.
Listings linger unless priced right
Homes are taking longer to sell than in recent summers, and the gap between attractive listings that sell and others that linger is growing. Listings that sold in July did so in 24 days, six days slower than last year but just one day longer than the pre-pandemic average for July. However, the median lifespan of all listings on Zillow is 60 days, four more than the pre-pandemic average. The gap between those two figures is the largest for any July in Zillow data, which began being collected in 2018.
Sellers will need to make their listing irresistible to shoppers to succeed in this fast-changing market. Today's buyers shop online first. Features such as interactive floor plans and 3D tours help them get a better feel for the home before deciding to see it in person.
Metro Area* | Zillow | ZHVI | Share of | Market | Inventory | Median | Median |
0.2 % | 27.4 % | Neutral | -19 % | 24 | 60 | ||
3.7 % | 15.9 % | Neutral | -49 % | 31 | 56 | ||
-0.8 % | 25.1 % | Seller | -12 % | 26 | 51 | ||
3.5 % | 27.7 % | Seller | -53 % | 11 | 34 | ||
-3.9 % | 36.8 % | Neutral | 11 % | 35 | 63 | ||
-1.9 % | 33.0 % | Neutral | 12 % | 38 | 71 | ||
1.2 % | 28.8 % | Seller | -24 % | 16 | 39 | ||
3.6 % | 24.4 % | Seller | -43 % | 12 | 35 | ||
-4.6 % | 21.6 % | Buyer | 7 % | 62 | 109 | ||
-3.1 % | 33.3 % | Buyer | 4 % | 40 | 65 | ||
1.3 % | 22.1 % | Seller | -30 % | 13 | 36 | ||
-3.5 % | 33.5 % | Neutral | -1 % | 44 | 70 | ||
-3.8 % | 22.0 % | Strong Seller | 10 % | 26 | 45 | ||
-2.1 % | 25.6 % | Seller | -17 % | 34 | 69 | ||
3.8 % | 26.8 % | Neutral | -32 % | 11 | 34 | ||
-0.8 % | 30.5 % | Neutral | -5 % | 19 | 41 | ||
2.2 % | 27.0 % | Seller | -30 % | 23 | 34 | ||
-2.6 % | 31.0 % | Seller | -19 % | 27 | 49 | ||
-6.2 % | 33.0 % | Buyer | 29 % | 43 | 80 | ||
-2.9 % | 38.2 % | Neutral | 23 % | 32 | 58 | ||
2.3 % | 29.2 % | Seller | -40 % | 13 | 35 | ||
2.3 % | 26.1 % | Seller | -45 % | 7 | 31 | ||
-4.3 % | 30.9 % | Neutral | 32 % | 42 | 81 | ||
-0.9 % | 31.0 % | Neutral | 12 % | 32 | 56 | ||
-3.1 % | 32.6 % | Neutral | 27 % | 43 | 80 | ||
-0.8 % | 32.6 % | Neutral | -12 % | 25 | 55 | ||
-2.2 % | 30.6 % | Seller | -15 % | 25 | 49 | ||
1.8 % | 28.7 % | Neutral | -37 % | 13 | 44 | ||
2.8 % | 31.5 % | Seller | -29 % | 9 | 28 | ||
-6.0 % | 32.4 % | Buyer | 57 % | 58 | 76 | ||
-0.03 % | 30.4 % | Neutral | -1 % | 35 | 70 | ||
2.3 % | 30.8 % | Seller | -37 % | 11 | 34 | ||
1.5 % | 34.4 % | Neutral | -18 % | 9 | 32 | ||
1.8 % | 36.0 % | Neutral | -9 % | 15 | 38 | ||
4.7 % | 25.3 % | Seller | -52 % | 8 | 26 | ||
-1.6 % | 21.7 % | Seller | -12 % | 21 | 38 | ||
-0.2 % | 35.9 % | Neutral | 7 % | 29 | 60 | ||
2.0 % | 26.0 % | Seller | -40 % | 27 | 40 | ||
2.9 % | 22.4 % | Strong Seller | -54 % | 14 | 31 | ||
-3.4 % | 32.3 % | Buyer | 22 % | 60 | 83 | ||
3.2 % | 18.0 % | Strong Seller | -32 % | 18 | 34 | ||
1.0 % | 30.6 % | Neutral | -3 % | 24 | 55 | ||
-2.2 % | 37.5 % | Neutral | 17 % | 27 | 48 | ||
-0.7 % | 29.7 % | Buyer | 6 % | 26 | 59 | ||
1.3 % | 27.8 % | Seller | -35 % | 11 | 28 | ||
3.9 % | 31.3 % | Neutral | -21 % | 10 | 34 | ||
-1.0 % | 25.6 % | Buyer | 48 % | 47 | 93 | ||
1.7 % | 36.6 % | Neutral | 2 % | 27 | 49 | ||
4.5 % | 18.6 % | Strong Seller | -66 % | 8 | 15 | ||
3.7 % | 20.6 % | Strong Seller | -40 % | 11 | 17 | ||
0.1 % | 25.4 % | Neutral | -14 % | 22 | 56 |
*Table ordered by market size |
1 The Zillow market report is a monthly overview of the national and local real estate markets. The report is compiled by Zillow Research. For more information, visit zillow.com/research. |
2 The monthly cost of a mortgage payment when using a |
About Zillow Group
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