DAILY REAL ESTATE NEWS

February 22, 2012

10 metros with greatest 5-year gain in real estate values

Zillow: Southern states dominate list

Online real estate valuation and search company Zillow has calculated the 10 U.S. metro areas that have experienced the largest gains in home values over the past five years, based on the company's home-value estimates and its Zillow Home Value Index, which is generated from those value estimates.

Markets in the Southern U.S. dominate the list, accounting for eight of 10 markets. Of the other two markets, one is in upstate New York and the other is in the Pacific Northwest.

The five-year gains in estimated value range from 0.6 percent to 16.9 percent, while the estimated gains in dollar value range from $667 to $21,444.

Methodology: Zillow's Zestimate home valuations are the basis for the Zillow Home Value Index. A Zestimate is Zillow's estimate of the current market value for a home. The Zillow Home Value Index is the median Zestimate valuation for a given geographic area on a given day. Zillow generates valuations several times a week on more than 70 million homes, or roughly three out of four homes in the U.S., and calculates historical values dating back to 1997.

The statistical models underlying the Zestimates control for the mix of housing for sale by finding patterns in the types of homes that are selling and then applying these patterns to all homes. If only a few homes of a certain type sell in a given period, the models can extract the information from those sales and apply that information to all homes of that type. --Source: Zillow.

Jacksonville, N.C.

July 2011 Zillow Home Value Index	$148,099
ZHVI 5 years ago	$126,655
Value difference (by percent)	16.9%
Value difference (in dollars)	$21,444

River coastline and wooden dock near Jacksonville, N.C. Caitlin Mirra/Shutterstock

Fayetteville, N.C.

July 2011 Zillow Home Value Index	$113,978
ZHVI 5 years earlier	$102,373
Value difference (by percent)	11.3%
Value difference (in dollars)	$11,605

Market House in downtown Fayetteville, N.C. Image courtesy of Donald Lee Pardue.

Oklahoma City, Okla.

July 2011 Zillow Home Value Index (ZHVI)	$111,737
ZHVI 5 years ago	$101,532
Value difference (by percent)	10.1%
Value difference (in dollars)	$10,205

Downtown Oklahoma City. Image courtesy of BaronBrian.

Tulsa, Okla.

July 2011 Zillow Home Value Index (ZHVI)	$111,398
ZHVI 5 years ago	$101,802
Value difference (by percent)	9.4%
Value difference (in dollars)	$9,596

Orthopedic Hospital in Tulsa, Okla. Image courtesy of IaNDN.

Yakima, Wash.

July 2011 Zillow Home Value Index (ZHVI)	$132,263
ZHVI 5 years ago	$127,746
Value difference (by percent)	3.5%
Value difference (in dollars)	$4,517

Silverlake vineyard and winery. Image courtesy of abhinaba.

New Orleans, La.

July 2011 Zillow Home Value Index (ZHVI)	$150,834
ZHVI 5 years ago	$146,799
Value difference (by percent)	2.7%
Value difference (in dollars)	$4,035

Image courtesy of KatjusaC.

Rochester, N.Y.

July 2011 Zillow Home Value Index (ZHVI)	$120,269
ZHVI 5 years ago	$117,817
Value difference (by percent)	2.1%
Value difference (in dollars)	$2,452

Rochester, N.Y. Image courtesy of patrickhashley.

Little Rock, Ark.

July 2011 Zillow Home Value Index (ZHVI)	$122,387
ZHVI 5 years ago	$120,585
Value difference (by percent)	1.5%
Value difference (in dollars)	$1,802

Pedestrian bridge in Little Rock, Ark. Image courtesy of pasa47.

Johnson City, Tenn.

July 2011 Zillow Home Value Index (ZHVI)	$110,588
ZHVI 5 years ago	$109,409
Value difference (by percent)	1.1%
Value difference (in dollars)	$1,179

Old rail platform in Johnson City, Tenn. Image courtesy of Andrew Ciscel.

Morristown, Tenn.

July 2011 Zillow Home Value Index (ZHVI)	$114,814
ZHVI 5 years ago	$114,147
Value difference (by percent)	0.6%
Value difference (in dollars)	$667

Home near Morristown, Tenn. Image courtesy of Brian McConnell.

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