Zillow’s February Market Report Points to Spring Rebound
Existing home sales rose 1.8% year over year amid improved affordability.
Written by Mischa Fisher on March 4, 2026
The Zillow February 2026 Market Report suggests a market that is starting to regain confidence. The housing market is perking up as spring approaches, possibly foreshadowing a more active year for transactions after three low-volume years.
In February, home values rose for the first time in seven months and existing home sales improved 1.8% from a year ago. The improvement in existing home sales in February suggests January’s weaker figures were likely influenced by severe winter weather, while improved affordability aligns with Zillow’s forecast for increased activity this year. Lower mortgage rates have helped improve buying power by about $30,000 for a median-income household over the past year, while the typical mortgage payment is down 7.7% from a year ago, excluding taxes and insurance.
These results provide an early glimmer of hope that housing market activity has turned a corner after bouncing along the bottom since 2023. Zillow expects 2026 to be the first year of meaningful sales growth since 2021. A sustained dip for mortgage rates below 6% could provide a psychological boost that prompts more buyers and sellers to return to the market.
New listings fell 3% from a year earlier in February, as winter storms may have continued to disrupt activity. This will be an important metric to watch in the months ahead to track how many fresh options will be available to buyers benefiting from improved affordability.
Home Values & Mortgage Payments
- The typical U.S. home value is $361,371.
- The Zillow Home Value Index (ZHVI) rose 0.1% month over month in February. Home values are 0.4% higher than a year earlier.
- The monthly mortgage payment on a typical U.S. home is $1,738, assuming a 20% down payment and excluding taxes and insurance. That is 7.7% lower than last year.
Inventory
- There were 1.12 million homes for sale nationwide in February.
- Active inventory was 5% higher than a year earlier. Inventory rose 0.4% from January.
- New for-sale listings totaled 283,478 in February, down 3% from a year earlier and up 4.9% from January.
Sales
- 239,910 homes were sold in February, according to the preliminary Zillow sales count nowcast. That is 1.8% higher than a year earlier and up 13% from January. These figures will be revised mid-month.
- Newly pending listings, which measures listings that changed from for-sale to pending status rather than closed sales, shows 3.5% growth from a year earlier and an 11.1% increase over January.
Competition
- Homes took a median of 28 days to go pending in February. That was four days longer than a year earlier and 19 days shorter than January.
- The share of listings with a price cut in February was 20.3%. That was down 1.3 percentage points from a year earlier and down 1.7 percentage points from January.
- 20.4% of homes sold above list price in January, the most recent data available. That was 1.8 percentage points lower than a year earlier and 1.9 percentage points lower than December.
Rents
- The typical rent nationwide is $1,895, according to the Zillow Observed Rent Index. That’s 1.9% higher than a year earlier and up 0.4% from January, pointing to continued deceleration of rent growth.
- 39.2% of rental listings on Zillow offered a concession in February. That’s 1.9 percentage points lower than a year earlier and up 0.3 percentage points from January.
Local data can be found on Zillow’s market explorer. The Zillow March Market Report is expected to be released April 6.
| Zillow February Market Report | ||||||||
|---|---|---|---|---|---|---|---|---|
| Metro Area* | Typical Home Value (ZHVI) | Home Value Change: MoM | Home Value Change: YoY | Inventory Change: YoY | Sales Count Nowcast Change: YoY | Typical Rent (ZORI) | Rent Change: MoM | Rent Change: YoY |
| United States | $361,371 | 0.1% | 0.4% | 5.0% | 1.8% | $1,895 | 0.4% | 1.9% |
| New York, NY | $711,726 | 0.3% | 4.1% | -2.5% | -8.3% | $3,258 | 0.5% | 4.2% |
| Los Angeles, CA | $951,833 | 0.3% | -0.5% | 6.0% | -5.5% | $2,884 | 0.2% | 1.1% |
| Chicago, IL | $340,834 | 0.3% | 4.2% | -4.4% | -6.5% | $2,132 | 0.9% | 5.5% |
| Dallas, TX | $361,020 | 0.0% | -3.6% | 5.2% | -0.5% | $1,630 | 0.3% | 0.2% |
| Houston, TX | $304,131 | -0.1% | -2.0% | 14.7% | 4.9% | $1,620 | -0.1% | -0.4% |
| Washington, DC | $571,301 | 0.1% | -0.6% | 16.3% | -2.2% | $2,331 | 0.5% | 0.2% |
| Philadelphia, PA | $376,931 | 0.0% | 2.5% | 0.1% | -8.9% | $1,859 | 0.6% | 3.1% |
| Miami, FL | $470,075 | 0.0% | -3.9% | -5.2% | 4.8% | $2,654 | 0.2% | 0.5% |
| Atlanta, GA | $375,728 | 0.0% | -2.4% | 3.5% | -3.0% | $1,808 | 0.2% | 1.6% |
| Boston, MA | $713,906 | 0.0% | 1.4% | 3.6% | -1.4% | $3,098 | 0.6% | 1.9% |
| Phoenix, AZ | $446,190 | 0.1% | -1.8% | 4.7% | 0.4% | $1,724 | 0.4% | -0.7% |
| San Francisco, CA | $1,113,913 | 0.6% | -2.0% | -8.4% | 31.7% | $3,103 | 1.1% | 6.3% |
| Riverside, CA | $580,572 | 0.2% | -1.5% | -0.3% | -4.3% | $2,478 | 0.4% | 1.7% |
| Detroit, MI | $259,012 | 0.1% | 2.9% | 14.1% | -13.4% | $1,461 | 0.2% | 2.4% |
| Seattle, WA | $736,787 | 0.2% | -1.8% | 28.4% | -6.3% | $2,181 | 0.2% | 1.8% |
| Minneapolis, MN | $381,372 | 0.2% | 1.9% | 14.2% | -1.5% | $1,664 | 0.6% | 4.0% |
| San Diego, CA | $926,935 | 0.4% | -2.0% | 3.8% | -0.5% | $2,871 | 0.5% | 1.6% |
| Tampa, FL | $355,768 | 0.1% | -4.0% | 1.6% | 0.7% | $1,976 | 0.3% | -1.4% |
| Denver, CO | $562,498 | 0.1% | -3.1% | 9.7% | 1.9% | $1,844 | 0.3% | -1.0% |
| Baltimore, MD | $395,198 | 0.1% | 0.7% | 11.1% | 6.7% | $1,857 | 0.3% | 2.5% |
| St. Louis, MO | $266,286 | 0.2% | 2.7% | 5.4% | 2.1% | $1,395 | 0.2% | 3.5% |
| Orlando, FL | $383,704 | 0.0% | -3.6% | -0.8% | 8.6% | $1,922 | 0.3% | 0.2% |
| Charlotte, NC | $382,994 | 0.0% | -0.6% | 11.2% | -5.8% | $1,716 | 0.3% | 0.5% |
| San Antonio, TX | $275,672 | -0.1% | -2.4% | 8.9% | 3.1% | $1,392 | 0.2% | -1.6% |
| Portland, OR | $540,459 | 0.1% | -1.1% | 14.4% | -0.1% | $1,779 | 0.3% | 0.9% |
| Sacramento, CA | $571,639 | 0.1% | -2.0% | -3.5% | -2.8% | $2,211 | 0.2% | 2.1% |
| Pittsburgh, PA | $221,878 | -0.1% | 1.3% | 5.7% | -10.6% | $1,446 | 0.2% | 3.8% |
| Cincinnati, OH | $300,802 | 0.2% | 2.4% | 8.4% | 6.9% | $1,536 | 0.7% | 3.5% |
| Austin, TX | $421,553 | -0.1% | -5.9% | 4.4% | 2.0% | $1,563 | 0.5% | -2.4% |
| Las Vegas, NV | $427,252 | -0.1% | -2.8% | 12.8% | -8.2% | $1,720 | 0.4% | -0.1% |
| Kansas City, MO | $317,307 | 0.3% | 3.1% | 10.0% | 21.9% | $1,481 | 0.4% | 3.5% |
| Columbus, OH | $322,372 | 0.2% | 1.1% | 5.7% | 1.0% | $1,484 | 0.5% | 1.7% |
| Indianapolis, IN | $287,261 | 0.1% | 1.3% | 14.3% | 5.1% | $1,486 | 0.1% | 2.6% |
| Cleveland, OH | $240,551 | 0.1% | 4.2% | 5.2% | -4.6% | $1,394 | 0.8% | 5.0% |
| San Jose, CA | $1,585,426 | 0.6% | -1.9% | 6.3% | 12.3% | $3,431 | 0.7% | 5.1% |
| Nashville, TN | $446,850 | -0.1% | -0.9% | 11.9% | 2.5% | $1,777 | 0.2% | 0.2% |
| Virginia Beach, VA | $364,148 | 0.2% | 2.0% | 3.9% | 0.8% | $1,787 | 0.5% | 5.7% |
| Providence, RI | $505,621 | 0.0% | 2.7% | -2.8% | -10.5% | $2,095 | 0.7% | 4.8% |
| Jacksonville, FL | $348,117 | 0.2% | -2.0% | -8.2% | 3.5% | $1,666 | 0.5% | 0.7% |
| Milwaukee, WI | $371,801 | 0.4% | 5.3% | 9.1% | 5.7% | $1,484 | 0.2% | 3.5% |
| Oklahoma City, OK | $241,046 | 0.0% | 1.3% | 13.3% | 2.6% | $1,359 | 0.4% | 2.6% |
| Raleigh, NC | $431,487 | 0.0% | -2.4% | 28.9% | 4.0% | $1,651 | 0.4% | 0.2% |
| Memphis, TN | $241,793 | 0.2% | -0.2% | 10.5% | 1.4% | $1,421 | -0.2% | 1.2% |
| Richmond, VA | $384,590 | 0.1% | 1.8% | 6.1% | 3.1% | $1,658 | 0.7% | 3.9% |
| Louisville, KY | $274,455 | 0.4% | 2.4% | 19.0% | 8.2% | $1,361 | 0.0% | 1.9% |
| New Orleans, LA | $257,238 | 0.7% | 2.8% | 2.0% | -8.1% | $1,577 | 0.3% | 0.2% |
| Salt Lake City, UT | $558,316 | 0.1% | 1.8% | 16.6% | 2.5% | $1,599 | 0.1% | -0.7% |
| Hartford, CT | $380,488 | 0.0% | 4.9% | -6.5% | 4.9% | $1,886 | -0.1% | 2.5% |
| Buffalo, NY | $272,833 | -0.2% | 3.9% | 2.2% | 11.3% | $1,374 | 0.5% | 3.6% |
| Birmingham, AL | $256,501 | 0.4% | 1.4% | 9.0% | -9.6% | $1,406 | 0.2% | 1.6% |
*Table ordered by market size
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