WASHINGTON, D.C. – Sixty-one percent of U.S. adults predict housing prices in their local area will increase in the next 12 months, up from 55% a year ago and the highest Gallup has measured since 2005. The median home value in the area rose 4.5 percent to $175,200 in February, according to the February Zillow Real Estate Market Reports. In Green Valley Ranch, the company projected a decline of 32.7 percent, but in the trendier Sunnyside neighborhood, house values went up 15.6 percent.
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Our survey tracks $1-million-plus single-family houses in ZIP Codes with a high percentage of second-home residences, and we rank the 20 resorts according to our judgment of their livability and value. In the past five years, median Chicago condo values are up by 23.3 percent, but median single-family values have risen by 25.5 percent.
Other real estate markets where December median home values were more than 25 percent below previous highs include Daytona Beach, Fla.; Fresno, Calif.; Las Vegas; Modesto, Calif.; Stockton, Calif.; and Tucson, Ariz. A vast amount of previous research has shown a strong correlation between living near public transit and increased housing values.
Recent real estate appraisals have shown that property values are not impacted because a cell site is nearby and in fact the opposite may be true. The Home Values Index provides monthly capital growth measurements across three broad housing types: detached houses, units and a combined dwellings index that includes both houses and units.