EMERYVILLE, CA—ZipRealty, Inc., the leading online technology-enabled residential real estate brokerage company, says the median home sales price jumped 11% last year to $211,312. The company's ZipRealty Home Price Report, is based upon authoritative transactional and MLS data in 33 major metros. In 2011, the median home sale price was $190,000, according to data released by ZipRealty.
While a recent report on existing home sales issued this week by the National Association of Realtors (NAR) found that home prices increased an average of 6.3% nationwide, ZipRealty found that in the 33 markets they and their Powered by Zip partners serve, home sale prices increased an average of 11%. According to ZipRealty's data, Phoenix, Miami and Palm Beach, Fla., showed the largest increases in home prices on a year-over-year basis.
Phoenix prices increased 29% from $112,329 to $145,500; Miami prices jumped 23% from $126,000 to $155,000; and Palm Beach housing prices rose 16% from $125,000 to $145,000 last year. Chicago home prices dipped 3% from $165,000 to $160,000 at year's end; prices in Long Island's Nassau and Suffolk counties in New York remain unchanged at $350,000; and Brooklyn, N.Y. home prices grew nominally from $420,500 to $421,000, according to ZipRealty data.
"The metros that suffered the most during the real estate downturn - South Florida and Phoenix - have exhibited the greatest improvement recently," according to Jamie Wilson, ZipRealty's Senior Vice President of Technology, who oversees the firm's research department. "Previously, these metros were characterized by a high volume of housing market distress in the form of foreclosures, and we are now seeing that trend reverse itself with greater volumes of regular re-sale activity even in many of the hardest hit markets."
The following ZipRealty Home Price Report metrics demonstrate the real estate market's continued recovery:
- U.S. Median Home Price in 2012: $211,312
- U.S. Median Home Price in 2011: $190,000
- Increase on Year-Over-Year Basis: +11%
"An even greater degree of stability is expected to return to the housing market as 2013 progresses, barring some unforeseen crisis that would weaken the U.S. economy", notes Lanny Baker, Chief Executive Officer and President of ZipRealty. "We expect to see housing values appreciate steadily, albeit gradually, with the strongest growth in coastal markets like San Francisco and parts of Florida," he adds. "Home sellers who have delayed putting their home up for sale in recent years may consider whether 2013 is finally the year to take advantage of improving macroeconomic conditions and a healthier real estate market."
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
