Zillow Flip Flops again on Home Prices and Forecasts

February 2025 Market Report

Home values

• The typical U.S. home value is $357,377.
• The typical monthly mortgage payment, assuming 20% down, is $1,871.
• Home values climbed month over month in 16 of the 50 largest metro areas in February. Gains were biggest in San Jose (1.1%), San Francisco (0.5%), Seattle (0.4%), Los Angeles (0.4%), and San Diego (0.3%).
• Home values fell, on a monthly basis, in 23 major metro areas. The largest monthly drops were in New Orleans (-0.7%), Tampa (-0.7%), Jacksonville (-0.4%), Miami (-0.4%), and Phoenix (-0.4%).
• Home values are up from year-ago levels in 37 of the 50 largest metro areas. Annual price gains are highest in San Jose (7.6%), Providence (6.5%), Cleveland (6.2%), Hartford (5.6%), and New York (5.6%).
• Home values are down from year-ago levels in 11 major metro areas. The largest drops were in Austin (-3.8%), Tampa (-3.6%), San Antonio (-2%), New Orleans (-1.7%), and Phoenix (-1.6%).
• The typical mortgage payment is up 3.3% from last year and has increased by 113.1% since pre-pandemic.

Inventory and new listings

• New listings increased by 2.8% month over month in February.
• New listings decreased by 4.7% this month compared to last year.
• New listings are -21.1% lower than pre-pandemic levels.
• Total inventory (the number of listings active at any time during the month) in February increased by 1.4% from last month.
• The median age of inventory, the typical time since the initial list date for active for-sale listings, was 65 days.
• There were 15.4% more listings active in February compared to last year.
• Inventory levels are -25.8% lower than pre-pandemic levels for the month.

Price cuts and share sold above list

-1.9ppts [more/fewer] homes sold above their list price compared to last year.

21.6% of listings in February had a price cut. That is down 1.1ppts month over month.

There are 1.6ppts [more/fewer] listings with a price cut compared to last year.

22.3% of homes sold above their list price last month. That is down 2.5ppts month over month.