In August, Zillow’s research department put together its Home Value Index and, with it, a long list of numbers to keep in mind when thinking about the current housing market. We’ve cherry-picked that list to come up with numbers we think most relevant to “the state of being” for the current market.
$218,000
The national median price of a single-family-home in July 2018. This price represents a +8% increase y/y and a +0.4% m/m.
1.07 square inches
The amount of square footage $1.00 buys in a typical median valued home, according to Zillow’s Home Value Index.
Based upon location, here is the amount of square inches $1.00 buys in
San Jose – 0.2 sq.” Boston – 0.26 sq.”
Philadelphia – 1.22 sq.” Columbus – 1/27 sq.”
Phoenix – 0.95 sq.” Denver – 0.41 sq.”
Los Angeles – 0.31 sq.” Tucson – 1.19 sq.”
Dallas – 1.04 Sq.” Omaha – 1.15 sq.”
25 percentage points
For every additional 10-percentage points of job growth, there is a nearly 25-percentage point of home value growth in heavily regulated metros. It makes sense that in heavily regulated housing markets where land is more scarce and permits more strict, home value growth would be more.
Most restrictive markets – +24.9%
Moderately restrictive markets – +14.4%
Least restrictive markets – +4.5%
2020
Most housing experts, 75%, indicate they do not expect the housing market to shift from a seller’s market to a buyer’s market until 2020.
43% say 2020
18% say 2021
13% say 2019
47% of the housing experts predict that the Midwest will be the first to shift to a buyer’s market.
This same panel of housing experts anticipates that the next recession will begin in 2020.
35.7%
Renters rule in 35.7% of occupied homes in this country. Based upon location, here are the metros where renters outnumber owner occupied homes:
New York City – 68.0% Dallas – 59.2%
Boston – 65.0% Milwaukee – 59.2%
Los Angeles – 64.1% Houston -56.9%
San Francisco – 62.1% Chicago – 56.3%
Washington DC – 60.8% Memphis – 56.1%
20 of 35
20 of 35 major metro areas indicate that home value growth has slowed.
