Currently Reading

Home Values Increase Up to 9% Year-Over-Year Nationwide

Market Data + Trends

Home Values Increase Up to 9% Year-Over-Year Nationwide

February 19, 2021
Single-family home
Photo: Iriana Shiyan

Zillow’s January market report shows steady growth for home values, shortened listing time, and a strong year for home sales. Home values increased in all 50 of the largest metros in the country tracked by Zillow, with its home value index increasing 1.1% from December, but 9.1% year over year. Both home value increases break records for the fastest pace Zillow has recorded. Some metros experienced higher value increases than others, such as Phoenix, which saw a home value increase of 2.1% and San Francisco, where home values inched up 0.4%.

So why is the market so enduringly hot, especially at a time of year (squarely in mid-winter) when the market is generally calmer? In short: An extraordinary number of home buyers, with budgets supercharged by rock-bottom mortgage interest rates, are competing over a limited supply of homes for sale. 

These buyers did not materialize just because of the pandemic, though that may have accelerated the home-buying decision for some. Rather, the bulk of this demand is coming from simple demographics: Members of the massive Millennial generation are now entering their 30s, when folks — pandemic or not — typically buy their first home. The number of Americans aged 25-34 was 12% higher in July 2020 than July 2010, according to Census estimates, rising from 41.2 million a decade ago to 46.1 million by last summer. 

Read More

Related Stories

Housing Markets

Where Are Home Prices Decreasing?

As home prices increase 15% year over year, listing prices are dropping in a select few metros across the country.’s latest list price…

Market Data + Trends

New-Home Sales Outpace Existing Home Sales in January

As existing home sales inched forward in January by 0.6%, new-home sales grew at a stronger rate of 4.3%, according to data from the Census Bureau…

Market Data + Trends

Is the Pandemic Entirely to Blame for Record-Low Housing Inventory?

Although it has appeared that the suburban shift resulted directly from the pandemic, data shows this shift has been ongoing for several years,…


More in Category


Create an account

By creating an account, you agree to Pro Builder's terms of service and privacy policy.

Daily Feed Newsletter

Get Pro Builder in your inbox

Each day, Pro Builder's editors assemble the latest breaking industry news, hottest trends, and most relevant research, delivered to your inbox.

Save the stories you care about

Lorem ipsum dolor sit amet lorem ipsum dolor sit amet lorem ipsum dolor sit amet.

The bookmark icon allows you to save any story to your account to read it later
Tap it once to save, and tap it again to unsave

It looks like you’re using an ad-blocker!

Pro Builder is an advertisting supported site and we noticed you have ad-blocking enabled in your browser. There are two ways you can keep reading:

Disable your ad-blocker
Disable now
Subscribe to Pro Builder
Already a member? Sign in
Become a Member

Subscribe to Pro Builder for unlimited access

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.