The Zillow Home Value Index charted in the DC statistical area over time.
A Zillow report released this week found that there’s been very little change in the DC area housing market since last May. Year over year, Zillow’s home value index — a measurement drawn from the company’s Zestimates — has increased just 0.4 percent. The area rental index, also based on Zestimate-type technology, has increased 2 percent.
Zillow projects that the DC area’s housing market may dip about 0.6 percent in the next year.
The small changes to the region’s market suggest that the regional housing market is finally leveling off since the financial crisis of 2008 and the recovery years that followed.
Zillow uses an estimate for the current market value of a home and then takes the median of the estimates in a given geographic area to calculate its Home Value Index. The company uses the DC metropolitan statistical area to define the boundaries of its data. This May, the DC area home value index sat at $359,700, about half a percent more than it was last year. But in DC proper, the median for May was much higher, at $510,500.
Rents in the DC statistical area have been steadily climbing.
Rents in the DC area have grown by 2.1 percent since last May and currently sit at $2,107, according to the company. In DC proper, according to data provided to UrbanTurf, rents were much higher, at a median of $2,649.
Zillow found that rent growth is outpacing home values, which can promote home buying, realtors and lenders recently told UrbanTurf. Region-wide, Zillow noted, home values are still 16 percent less than the DC area’s housing-bubble peak in March 2006.
This article originally published at http://dc.urbanturf.com/articles/blog/zillow_dc_area_home_values_projected_to_dip_slightly_in_2015/10034
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