AgentMarkets & Economy

Average San Francisco home value tops metros across U.S., Zillow says

Market report shows average San Francisco home worth more than quadruple the national average

Zillow recently released its Q1 2016 Market Report, noting that inventory across the nation has dropped almost 6 percent annually, with over 10 percent decreases in both bottom and middle-tier homes. The real estate website estimates the national Zillow Home Value Index (ZHVI) at $186,200 in the first quarter of 2016.

Other significant findings from the report include:

  • There are 5.9 percent fewer homes for sale in the U.S. than a year ago.
  • There are 10.4 percent fewer entry-level homes for sale in the U.S. than a year ago.
  • Low supply is driving up home prices among entry-level homes, which are often sought after by first-time buyers.
  • National home values rose 4.8 percent to $186,200, according to the first quarter Real Estate Market Reports. Rents rose 2.6 percent to $1,389.

Zillow-Q1-National-Inventory

San Francisco’s bottom and middle-tier homes dropped significantly in inventory during the first quarter of 2016, decreasing 17.7 percent and 6.7 percent, respectively. The Bay Area’s top-tier sector hardly offset the drops, increasing a slight 1.7 percent.

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Despite lulls in inventory in the first quarter, San Francisco saw bumps in all tiers of home values, with bottom, middle and top-tier home values increasing by 11 percent, 11.5 percent and 12.1 percent. With a ZHVI of $806,600, San Francisco easily tops any metro in average home value, according to the report.

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