Photo via Mark Kamichoff/Flickr
As we head into “home shopping season,” home value growth across the country is increasing at the slowest rate since November 2016. According to the latest Zillow market report, home values rose 6.7 percent, bringing the national median home value to $207,600.
The three markets reporting the greatest home value growth over the past year were all on the west coast. San Jose led the nation with a 22.9 percent increase, followed by Las Vegas with 14.3 percent, and Seattle with 13 percent. San Jose’s home values rose about three times faster than its historic pace with a median home value of $1,202,900.
Despite the “slower rate,” there are 10 percent fewer homes on the market across the country than a year ago. Meanwhile, inventory has dropped 19 percent from this time last year in the Seattle area. According to the report, the median home value for Seattle area homes is $472,900.
Compared to the Seattle Metro area, the median home value within Seattle city limits is $727,400. Home values in the city have gone up 17 percent over the past year and Zillow predicts they will rise 5.4 percent within the next year. As a whole, Zillow predicts that home values in the Seattle Metro area will rise 4.7 percent within the next year.