A Deeper Dive Into Decreasing Home Values
Written by Meredith Miller on September 23, 2015
Not all markets are experiencing the housing recovery evenly. In many areas, even as median home values rise overall, large numbers of individual homes themselves are actually losing value.
Nationally, 28 percent of homes lost value between August 2014 and August 2015, compared to the pre-bust (1998 through 2005) average of 22 percent. And the differences in the share of homes losing value from metro-to-metro is striking: In the larger Denver metro, just 1.5 percent of homes lost value year-over-year in August, compared to 48.1 percent in the Greater Baltimore area.
But differences within metro areas are also interesting, and indicate both pockets of relative strength within metros and areas still struggling to recover.
For example, only 24.8 percent of homes in ZIP code 21040 in the city of Edgewood to the northeast of the City of Baltimore are losing value, a share roughly half as large as the bigger Baltimore metro as a whole. But in ZIP code 21623 in the community of Church Hill, across the Chesapeake Bay from Baltimore, 74.1 percent of homes are losing value. In the Denver area, less than 1 percent (.07 percent) of all homes in ZIP code 80017 in the city of Aurora lost value year-over-year in August, compared to 23 percent in ZIP code 80827 in the community of Lake George.
Use the interactive tool below, or download the data directly from www.zillow.com/data, to discover more about local conditions in your market.
