It’s a strange time in real estate. Interest rates are high, borrowing costs are too expensive for a lot of folks and depending on where you look, the market is doing very different things.
Zillow’s latest research, analyzing home values from July to August, found five cities where home values are up — and five where they’re down.
Onto the numbers
There are fewer homes for sale at the same point this year compared to last year, and the typical home value is $351,423 — a record high and 1.3% more than last year. Since June, 23% of listings have dropped prices. And in 32 of the latest metro areas, home values climbed.
Compared to this time last year, the most significant increases are in:
- Hartford, Connecticut: Up 9.9% to $343,034
- Milwaukee, Wisconsin: Up 8.1% to $334,446
- Virginia Beach, Virginia: Up 5.7% to $337,884
- Philadelphia, Pennsylvania: Up 5.5% to $349,292
- Providence, Rhode Island: Up 5.3% to $457,388
The picture isn’t so pretty in these five major areas compared to last summer’s home values:
- Austin, Texas: Down 11.4% to $474,853
- New Orleans, Louisiana: Down 8.7% to $243,473
- Phoenix, Arizona: Down 6.4% to $451,461
- Las Vegas, Nevada: Down 6.4% to $407,693
- San Francisco, California: Down 4.2% to $1,137,604
😂 How many real estate agents does it take to change a lightbulb?
None! The lightbulb is in excellent working order and comprised of a beautiful retro teardrop illuminator, offering original glass and metal features and centrally located in the room. The property is serviced by a newly refurbished power cord connecting it to the ceiling. Nearby is a tasteful power switch to enable the purchaser to switch it on and off.