Zillow stats showcase markets off the beaten path
By Inman News
Editor’s note: This article is based on data compiled by Zillow, using the Zillow Home Value Index.
Metro areas off the beaten path like Tulsa and Oklahoma City, Okla., bucked national trends to win a place on a top 10 list of markets with the greatest year-over-year median home-value increases from October 2010 to October 2011, based on data compiled by Zillow. None of the top 20 U.S. metro areas by population size cracked the top 10.
The Tulsa metro area topped the chart at a 6.2 percent median home value increase to $101,000 — the lowest value of the top 10 — in that one-year timespan, followed by Oklahoma City’s metro area at a 3.1 percent bump. However, the rosy home value increase news fades by No. 10 on the list — the Green Bay metro area — where a place in the top 10 no longer represents an increase in median home value, but a sliver of a decline — 0.3 percent.
Metropolitan Pittsburgh, at No. 22 in U.S. metro population size with 2.35 million people in 2010, according to U.S. Census data, was the most populated metro area in this top 10 list, coming in at No. 8, with a slight median home-value increase of 0.4 percent, and, interestingly, the only metro area in the top 10 to experience a population dip from 2000 to 2010.
Metro areas in this top 10 averaged a 1.6 percent median home-value increase over the one-year timeframe, with six of the 10 having median home values hovering around $100,000. Honolulu, Boulder, Fort Collins and Madison stretched the upper end of the spectrum with median home values of $474,200, $304,000, $217,300, and $192,400, respectively.
Source: Daily Real Estate News