Recent reporting by Zillow’s Home Value Index shows St. Louis in the top 10 Metropolitan Real Estate Markets in their August report. In the middle of almost constant negative, end-of-the-world reporting this comes as welcome news to homeowners and potential sellers and maybe even potential buyers.
Zillow Home Value Index Explained
Here’s how Zillow explains it on their site:
The Zillow Home Value Index (ZHVI) is designed to capture the value of a typical property across the nation or the neighborhood, not just the homes that sold, and we do so by drawing information from the full distribution of homes in a given region.
ZHVI measures monthly changes in property-level Zestimates, capturing both the level and appreciation of home values across a wide variety of geographies and housing types (e.g., all single-family homes in ZIP code 98101). This is how we focus on actual market price changes, and not changes in the kinds of markets or property types that sell from month to month.
Translation
Zillow has a lot of data, a lot of number crunchers, and deep financial resources to keep their machine running and cranking out the data.
Zillow Home Value August 2023 Compared to August 2022
Winners and Losers
- Annual price gains were highest in Hartford (9.9%), Milwaukee (8.1%), Virginia Beach (5.7%), Philadelphia (5.5%), and Providence (5.3%).
- Home values are still down from year-ago levels in 21 major metro areas, with the largest drops in Austin (-11.4%), New Orleans (-8.7%), Phoenix (-6.4%), Las Vegas (-6.4%), and San Francisco (-4.2%).
What it Means for Sellers and Buyers
Sellers: If you’re considering selling, now is a good time as the demand is strong (in spite of interest rates). Sellers are typically receiving their asking price in most transactions with homes going under contract in 22 days. For the most recent St. Louis Housing Report click here
Buyers: A limited number of homes for sale means you’ll want to seriously consider all of your options, including various areas and housing types. A skilled Exclusive Buyer Agent can help you explore all of what’s available and find the home that best fits your needs. They can even coach you through casting a broader net if you need to expand your search. If you see something you like and can afford don’t hesitate to lock in your living expenses for the next 15-30 years.
