A repost of Scott’s Zillow findings.
Boston is Nation’s 7th Most Valuable Real Estate Market
Boston area residential values have jumped $28 billion this year, for a nearly 5 percent gain, according to Zillow.
The Zillow Home Value Index, a blend of property assessments by local officials and market prices, pegs the median home value for the Boston area at $364,900. (Zillow pegs the median rent at $2,137.)
The increase makes Boston the seventh most valuable real estate market in the country, behind Los Angeles ($2.2 trillion), New York ($2.1 trillion), San Francisco ($1 trillion), Washington ($943 billion) Chicago ($738 billion) and Miami/Fort Lauderdale ($717 billion).
Boston edged out Philadelphia ($573 billion) and San Diego ($538 billion) and smoked Seattle ($465 billion) and Minneapolis-St. Paul ($292 billion).
However, for buyers, there are two bits of good news.
First, the pace at which home prices are rising appears to be slacking off a bit. This year’s 4.9 percent jump in overall home and condo values is a step down from 2013, when Boston area real estate values hot up 8.1 percent, or $46.5 billion.
Second, inventory, or the number of homes on the market, also shows signs of improving, with 8.2 percent more listings this year compared to 2013.