NYC home values up 8.3 percent in 2012: Zillow

Growth in city outpaces rest of U.S., but is expected to remain flat in 2013

TRD New York /
Jan.January 22, 2013 10:30 AM

Home values in New York City rose 8.3 percent year-over-year in 2012, outpacing the 5.9 percent growth in the rest of the United States, but are expected to remain largely flat in 2013, Zillow’s latest real estate market report shows.

National home values grew at a rate that exceeded the normal rate for healthy markets and posted the largest annual gain since August 2006, near the peak of the housing bubble. The fourth quarter of 2012 was the fourth consecutive quarter of home value appreciation, the report shows.

“We expected 2012 to be a good year for housing, and it delivered in spades,” said Zillow Chief Economist Dr. Stan Humphries. “Strong demand paired with limited inventory in many markets helped fuel a robust and often rapid recovery in overall home values, good news for homeowners after years of poor performance.” In New York, Brooklyn and Queens were the best-performing boroughs, with year-over-year home values up 10.7 percent and 7.6 percent. Staten Island–with a 0.2 percent increase and the Bronx–with no change– stayed flat, while Manhattan values fell by 0.9 percent year-over-year.

Humphries said the recovery would continue in 2013, “but at a more sustainable pace,” with national home values expected to rise 3.3 percent. In New York, however, the expectation is that the market will remain flat; Manhattan home values will rise 0.1 percent, Brooklyn 3.1 percent, Queens 2.6 percent, Staten Island 1.1 percent and the Bronx will see a fall of 0.3 percent. —Hiten Samtani


Related Articles

arrow_forward_ios
Zillow CEO Spencer Rascoff is stepping down as his co-founder takes over

Zillow CEO Spencer Rascoff is stepping down as his co-founder takes over

Placeholder image

Zillow to pay $50M for StreetEasy

REBNY pivots on politics; Newark sues NYC for sending homeless

REBNY pivots on politics; Newark sues NYC for sending homeless

Clockwise from top left: Andrew Saunders of Saunders & Associates, Cia Comnas of Brown Harris Stevens, Nanette Hansen of Sothebys, Ernie Cervi of Corcoran, Marty Gleason of Corcoran, Ed Reale of Sothebys, Robert Nelson of Brown Harris Stevens and Theresa Quigley of Saunders & Associates

Take that, Zillow: Hamptons firms’ listings site goes live this week

Zillow CEO Rich Barton (Credit: JD Lasica via Flickr, iStock)

Trulia hit with lawsuit over Premier Agent

Home prices are on the rise, and homeowners are opting to stay in their homes longer (Credit: iStock)

Home prices accelerate nationally as owners stay longer

The Mountain States saw the fastest home-price growth of any region (Credit: iStock)

Millennials head west for housing, and institutional investors follow

From left: Jed Wilder, Bess Freedman, Richard Grossman, Josh Sarnell and Adam Mahfouda (Credit: Emily Assiran) 

Agents to StreetEasy: The fee is too damn high

arrow_forward_ios