30May

How Home Prices Declined in 25 Largest Metro Areas

4 comments so far

In this post, I will just republish data put together by Zillow. It is always important to do the market research before buying real estate in USA, because the market decision is sometimes even more important than the decision about the particular property. Anyway, thanks to servers like Zillow, the market research is quite simple.

According to Q1 2011 Zillow® Real Estate Market Reports, here are the declines in 25 largest metro areas.

Largest 25 Metropolitan Statistical Areas Covered by Zillow Zillow Home Value Index
Q1 2011 QoQ Change YoY Change Change From Peak
United States $169,600 -3.0% -8.2% -29.5%
New York, N.Y. $346,600 -1.6% -5.3% -24.2%
Los Angeles, Calif. $386,400 -3.0% -7.6% -36.1%
Chicago, Ill. $167,900 -4.8% -13.8% -38.1%
Dallas, Tex. $125,400 -1.2% -6.9% -13.2%
Philadelphia, Pa. $187,600 -3.2% -10.3% -20.5%
Miami-Fort Lauderdale, Fla. $137,300 -1.8% -12.8% -55.4%
Washington, D.C. $305,900 -1.5% -7.0% -30.3%
Atlanta, Ga. $121,100 -4.4% -17.3% -33.7%
Detroit, Mich. $70,600 -5.2% -17.3% -55.5%
Boston, Mass. $305,800 -2.6% -5.3% -23.2%
San Francisco, Calif. $467,000 -3.8% -10.2% -33.9%
Phoenix, Ariz. $126,100 -2.3% -11.2% -55.3%
Riverside, Calif. $185,800 -1.8% -3.2% -53.8%
Seattle, Wash. $259,200 -1.7% -11.7% -32.1%
Minneapolis-St. Paul, Minn. $159,000 -4.8% -15.1% -35.6%
San Diego, Calif. $347,500 -2.1% -5.5% -35.3%
St. Louis, Mo. $127,900 -4.0% -9.6% -18.7%
Tampa, Fla. $107,200 -3.8% -10.9% -50.6%
Baltimore, Md. $218,300 -2.5% -9.8% -27.5%
Denver, Colo. $192,300 -2.7% -9.6% -17.2%
Pittsburgh, Pa. $105,800 -0.2% -0.1% -5.1%
Portland, Ore. $203,300 -3.0% -12.1% -30.6%
Cleveland, Ohio $108,500 -3.9% -9.1% -24.7%
Sacramento, Calif. $207,400 -4.2% -11.0% -50.1%
Orlando, Fla. $115,700 -2.9% -7.8% -55.2%


Important thing to realize about this table, before rushing to buy a property in Detroit, because it has the biggest decline – you have to also check the current price to rent ratio for certain markets. Especially if you are planning to rent out the property and hold it for long term, profiting from positive cash flow. I have written an article about the price-to-rent ratio (gross rental yield) for all states here:

http://www.buyingpropertyinusa.net/market-research/price-to-rent-ratio-and-gross-rental-yield-in-usa

About Zillow, Inc.

Zillow is a real estate information marketplace providing vital information about homes, real estate listings and mortgages through its website and mobile applications, enabling homeowners, buyers, sellers and renters to connect with real estate and mortgage professionals best suited to meet their needs. Zillow, Inc. operates Zillow.com®, Zillow Mortgage Marketplace and Zillow Mobile. With 20 million unique users of its website and mobile applications during April 2011, Zillow’s goal is to help people make intelligent decisions about homes in every stage of their lives — home buying, selling, renting, remodeling and financing. The company is headquartered in Seattle.

Categories: NEWS

Monday, May 30th, 2011 at 7:55 pm and is filed under NEWS. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

4 Responses to “How Home Prices Declined in 25 Largest Metro Areas”

  1. Posted by Edwin 22nd October, 2011 at 6:43 am

    How do you interpret this data on this table

  2. Posted by Nestor Capek 24th October, 2011 at 7:24 pm

    I like the helpful info you provide in your articles. I’ll bookmark your weblog and check again here regularly. I am quite sure I will learn plenty of new stuff right here! Best of luck for the next!

  3. Posted by Nina Wang 15th April, 2012 at 1:09 am

    Dear there

    I’m currently at Australia. I’d like to Buy a property in US
    Please advice could get loan as a foreigner in US.
    And is there any agent could look after renting out
    That property.

    Kindly regards
    Nina

  4. Posted by admin 27th June, 2012 at 5:39 am

    Hi Nina,

    it’s really hard to get a loan in the US as a foreigner. I haven’t myself succeed in this, and I tried a few times. You can find Property Manager companies easily though – they will take care of your property. But you need the cash to buy it, or borrow at home most probably.