April is National Fair Housing Month, a time to reflect on the progress made and the challenges that remain in ensuring equal housing opportunities for all. This month and every month, it’s crucial to address the systemic barriers that have historically hindered equal access to homeownership. Zillow is at the forefront of this effort, leveraging its extensive housing data to highlight existing disparities and promote fair housing practices.
Privately listed homes disproportionately harm sellers of color
Private listing networks harm buyers, sellers, agents and the industry at large. Zillow research shows in 2023 and 2024, home sellers who opted to sell off the MLS typically lost out on nearly $5,000, selling their home for 1.5 percent less than those listed on the MLS. The impact was particularly severe in communities of color, where homes sold off the MLS in these areas typically sold for 3.2 percent less than MLS-listed homes — more than double the 1.2 percent loss in majority white neighborhoods. Read more here
Boosting Black homeownership: Build more housing, improve credit reporting
Homeownership is a critical factor in reducing wealth inequality, particularly for Black households. Fewer than half of Black households own their homes, and the rapid rise in home values during the pandemic, coupled with a doubling of mortgage rates, has further strained housing affordability, keeping many potential Black homeowners on the sidelines. Addressing these disparities requires intentional policies and interventions that target the barriers keeping Black households from homeownership. Read more here
Hispanic homeowners narrow home value gap to smallest margin on record
Hispanic homeowners have made strides in narrowing the home value gap with white homeowners over the past two years, regaining ground lost during the pandemic. The gap is now the narrowest ever observed. However, while gradual progress is being made in closing the gap, the jump into homeownership remains a significant hurdle for Hispanics. According to Zillow’s 2024 Consumer Housing Trends Report, Hispanics represent 18 percent of prospective buyers, but 13 percent of successful purchasers. Read more here
How can agents use this data?
- Promote equitable access to listings: Advocate for equitable access to listings to ensure that all clients, particularly those in communities of color, have fair market opportunities and can achieve higher sale prices.
- Support affordability initiatives: Leverage data to support initiatives that improve access to down payment assistance, credit-building programs, and affordable housing construction, thereby helping clients overcome financial barriers.
- Stay current: Use Zillow’s commitment to promoting fair housing and its extensive research data to stay informed about market trends, advocate for policy changes, and provide clients with the most up-to-date information to guide their real estate decisions.
By shining a light on these issues, Zillow aims to foster a more inclusive and equitable housing market for everyone. For more insights and detailed reports, visit Zillow Research.
