Data

Zillow periodically transitions some data sources to produce published data that are more comprehensive, reliable, accurate and timely. As new data are incorporated, the publication of select metrics may be delayed or temporarily suspended.

• All data accessed and downloaded from this page is free for public use by consumers, media, analysts, academics etc., consistent with our published Terms of Use. Proper and clear attribution of all data to Zillow is required. An example of preferred attribution language is: “Data acquired from Zillow.com/data on (INSERT DATE). Aggregated data on this page is made freely available by Zillow for non-commercial use.”
• For other data requests or inquiries for Zillow Research, please contact us directly.
• Unless otherwise noted, all files are time series and cover single-family residences, condominiums and co-op homes only.
• Download a crosswalk between Zillow regions and federally defined regions for counties and metro areas.
• Download a single file with all Zillow metrics for these geographic cuts:
  • State
  • Metro
  • County
  • City
  • Zip Code
  • Neighborhood

*We are currently transitioning some of our metric data sourcing. As a result, select series may not be up-to-date.

Definitions

Home Types and Housing Stock

• All Homes: Zillow defines all homes as single-family, condominium and co-operative homes with a county record. Unless specified, all series cover this segment of the housing stock.
• Condo/Co-op: Condominium and co-operative homes.
• Multifamily 5+ units: Units in buildings with 5 or more housing units, that are not a condominiums or co-ops.
• Duplex/Triplex: Housing units in buildings with 2 or 3 housing units.

Types of Zillow Home Value Index (ZHVI)

• All Homes (SFR, Condo, Co-op) ($): Median estimated home value for all homes of these types within a region.
• 1-Bedroom Homes ($): Median estimated home value for all homes with one bedroom within a given region.
• 2-Bedroom Homes ($): Median estimated home value for all homes with two bedrooms within a given region.
• 3-Bedroom Homes ($): Median estimated home value for all homes with three bedrooms within a given region.
• 4-Bedroom Homes ($): Median estimated home value for all homes with four bedrooms within a given region.
• 5+ Bedroom Homes ($): Median estimated home value for all homes with five or more bedrooms within a given region.
• Bottom-Tier ($): Median estimated home value for all bottom-tier homes within a given region. Bottom-tier homes are the homes that fall into the bottom third of home values within a given region.
• Middle-Tier ($): Median estimated home value for all middle-tier homes within a given region. Middle-tier homes are homes that fall into the middle third of home values within a given region.
• Top-Tier ($): Median estimated home value for all top-tier homes within a given region. Top-tier homes are homes that fall into the top third of home values within a given region.
• Condo/Co-op ($): Median estimated home value for all condominiums and co-ops within a given region.
• Single-Family Residences ($): Median estimated home value for all detached single-family homes within a given region.
• Median ZHVI per sq. ft. ($): Median of the value of all homes per square foot. This number is calculated by taking the estimated home value for each home in a given region and dividing it by the home’s square footage.
• Quarterly Historic Metro ZHVI: Home values are chained back in time using Moody’s home value data from 1979 until the start of the Zillow Home Value Index.

Rental Metrics

• ZRI Multifamily, SFR, Condo, Co-op: Median of the estimated rent price for all homes and apartments in a given region.
• ZRI per Sq Ft ($): Median of the estimated monthly rent price of all homes, per square foot. This is calculated by taking the estimated rent price for a home and dividing it by the homes square footage.
• Median Rent List Price ($): Median of the price of homes listed for rent on Zillow in a given region.
• Median Rent List Price Per Sq Ft ($): Median of the rental price per square foot of homes listed for rent on Zillow in a given region.
• Quarterly Historic Metro ZRI: Rents are chained back in time using annual U.S. Census Bureau American Community Survey data from 2006 until the start of the Zillow Rent Index. Before 2006, rents are chained back using Decennial Census data. Quarterly values are linearly interpolated between data releases.

Other Metrics

• Median List Price ($): Median of the list price (or asking price) for homes listed on Zillow.
• Median Sale Price ($): Median of the selling price for all homes sold in a given region.
• Median List Price Per Sq Ft ($): Median of list prices divided by the square footage of a home.
• Median Sale Price Per Sq Ft ($): Median of sale prices divided by the square footage of a home.
• Sold for Loss (%): The percentage of homes in an area that sold for a price lower than the previous sale price.
• Sold for Gain (%): The percentage of homes in an area that sold for a price higher than the previous sale price.
• Increasing Values (%): The percentage of homes in an given region with values that have increased in the past year.
• Decreasing Values (%): The percentage of homes in an given region with values that have decreased in the past year.
• Listings With Price Cut (%): The percentage of current for-sale listings on Zillow with a price cut during the month.
• Median price cut (%): Median of the percentage price reduction for homes with a price reduction during the month.
• Sold in Past Month (Turnover) (%): The percentage of all homes in a given area that sold in the past month.
• Homes Foreclosed: The number of homes (per 10,000 homes) that were foreclosed upon in a given month. A foreclosure occurs when a homeowner loses their home to their lending institution or it is sold to a third party at an auction.
• Foreclosure Re-Sales (%): The percentage of home sales in a given month in which the home was foreclosed upon within the previous year (e.g. sales of bank-owned homes after the bank took possession of a home following a foreclosure).
• Sale-to-List Price Ratio: Median of the ratio between the sale price and the list price for all homes (e.g. if a home with a list price of $200k sells for $250k, its ratio would be 5:4 or 1.25).
• Inventory (Raw): Median of weekly snapshot of for-sale homes within a region for a given month.
• Age of Inventory: Each Wednesday, age of inventory is calculated as the median number of days all active listings as of that Wednesday have been current. These medians are then aggregated into the number reported by taking the median across weekly values.
• Price to Rent Ratio: This ratio is first calculated at the individual home level, where the estimated home value is divided by 12 times its estimated monthly rent price. The the median of all home-level price-to-rent ratios for a given region is then calculated.
• Buyer/Seller Index: This index combines the sale-to-list price ratio, the percent of homes that subject to a price cut and the time properties spend on the market (measured as Days on Zillow). Higher numbers indicate a better buyers’ market, lower numbers indicate a better sellers’ market, relative to other markets within a metro.
• Market Health Index: This index indicates the current health of a given region’s housing market relative to other markets nationwide. It is calculated on a scale from 0 to 10, with 0 representing the least healthy markets and 10 the healthiest markets.
• Days on Zillow: The median days on market of homes sold within a given month, including foreclosure re-sales. The latest data is for one month prior to the current ZHVI (e.g., if the most current month for ZHVI data is January, the most current month for Days on Zillow data will be December).
• Home Sales: The number of homes sold during a given month. Our sales series methodology is available here. Note: ZIP code sales data is not latency adjusted, but is filtered.
• Home Sales, SA: The number of homes sold during the given month, seasonally adjusted using the X-12-Arima method. Our sales series methodology is available here.
• Unfiltered Transactions: The number of homes sold during the given month. This series is latency adjusted, but no transaction-type filtering is done. For example, non-arm’s-length sales, foreclosures and title transfers would be all be included.
• Zillow Home Value Forecast (ZHVF): The ZHVF is the one-year forecast of the ZHVI. Our forecast methodology is methodology post.
• Zillow creates our negative equity data using our own data in conjunction with data received through our partnership with TransUnion, a leading credit bureau. We match estimated home values against actual outstanding home-related debt amounts provided by TransUnion. To read more about how we calculate our negative equity metrics, please see our here.
• Mortgage Affordability, Rental Affordability, Price-to-Income Ratio, and Household Income are calculated as a part of Zillow’s quarterly Affordability Indices. To calculate mortgage affordability, we first calculate the mortgage payment for the median-valued home in a metropolitan area by using the metro-level Zillow Home Value Index for a given quarter and the 30-year fixed mortgage interest rate during that time period, provided by the Freddie Mac Primary Mortgage Market Survey (based on a 20 percent down payment). Then, we consider what portion of the monthly median household income (U.S. Census) goes toward this monthly mortgage payment. Median household income is available with a lag. For quarters where median income is not available from the U.S. Census Bureau, we calculate future quarters of median household income by estimating it using the Bureau of Labor Statistics’ Employment Cost Index. The affordability forecast is calculated similarly to the current affordability index but uses the one year Zillow Home Value Forecast instead of the current Zillow Home Value Index and a specified interest rate in lieu of PMMS. It also assumes a 20 percent down payment. We calculate rent affordability similarly to mortgage affordability; however we use the Zillow Rent Index, which tracks the monthly median rent in particular geographical regions, to capture rental prices.
• The mortgage rate series is the average mortgage rate quoted on Zillow for a 30-year, fixed-rate mortgage in 15-minute increments during business hours, 6:00 AM to 5:00 PM Pacific. It does not include quotes for jumbo loans, FHA loans, VA loans, loans with mortgage insurance or quotes to consumers with credit scores below 720. Federal holidays are excluded. The jumbo mortgage rate series is the average jumbo mortgage rate quoted on Zillow for a 30-year, fixed-rate, jumbo mortgage in one-hour increments during business hours, 6:00 AM to 5:00 PM Pacific Time. It does not include quotes to consumers with credit scores below 720. Traditional federal holidays and hours with insufficient sample sizes are excluded.