Zillow home value index (ZHVI) and forecast explained
In dollars, the Zillow Home Value Index (ZHVI) is Zillow's own measure of what a typical home is worth. The United States figure reached $366,157 in September 2026, which was +1.2% above one year earlier.
- A typical home in the US
- $366,157September 2026, ZHVI
- Change over 12 months
- +1.2%US
- Change over 10 years
- +77.4%US
- Multiple since the year 2000
- ×2.99, from a base of $122,626.
Each month since January 2000, the steel line shows the typical US home value. The file this site reads holds ZHVI for all homes (single-family homes plus condos), covering the middle third by value (33rd through 67th percentile), smoothed and seasonally adjusted. Zillow publishes each month's figures early in the following month.
Zillow home value forecast (ZHVF)
Zillow's own projection of the ZHVI is the Zillow Home Value Forecast (ZHVF), which covers metro areas and the US. Zillow has the US typical value at +0.1% one month on, +0.3% three months on and +1.1% twelve months on, starting from a September 2026 base. The forecast for 213 metro areas is held here.
| Metro | Next 3 months | Next 12 months |
|---|---|---|
| United States | +0.3% | +1.1% |
| Austin, TX | +0.1% | −2.4% |
| Seattle, WA | −0.6% | 0% |
| San Francisco, CA | +0.5% | +1.9% |
| Denver, CO | −0.2% | −0.2% |
| Los Angeles, CA | −1.0% | +1.9% |
| Dallas, TX | −0.3% | −0.9% |
| Houston, TX | 0% | +0.3% |
| San Diego, CA | −0.4% | +0.9% |
| Phoenix, AZ | 0% | −1.8% |
| Chicago, IL | +1.1% | +2.7% |
Base month September 2026 for the Zillow Home Value Forecast. Zillow Research data
This is a model, not a prediction, and it is not investment advice. No forecast of its own is published here. For every metro: housing market forecast.
ZHVI by city and ZIP code
For ZIP codes, cities, counties, metros and states, Zillow publishes ZHVI. Only the city, metro, state and US series are carried here: 292 cities, and 214 of those have every month since January 2000. No ZIP code pages appear here. Cities people search for most:
| City | Typical home value | Change over 12 months |
|---|---|---|
| Austin | $491,960 | −3.2% |
| Seattle | $822,572 | −1.8% |
| San Francisco | $1,441,021 | +15.5% |
| Denver | $520,947 | −1.9% |
| Los Angeles | $927,891 | −0.5% |
| Dallas | $303,442 | −1.4% |
| Houston | $259,465 | −2.1% |
| San Diego | $980,490 | +0.1% |
| Phoenix | $404,067 | −1.2% |
| Chicago | $334,108 | +5.6% |
| Las Vegas | $417,475 | −2.8% |
| Portland, Oregon | $524,318 | +0.5% |
September 2026 figures from the Zillow Home Value Index, city level.
Ranked and searchable, all 292 cities: home prices by city. For each state: home prices by state.
Zillow home price index vs FHFA HPI
Repeat sales of the same homes are what the FHFA house price index (HPI) follows, so it shows price change rather than a dollar level. With yearly averages and 2000 = 100 as the shared base, the two US lines track close together. Between 2015 and 2025, ZHVI rose +88.3% while the FHFA HPI rose +96.4%; over the period since 2000, ZHVI added +188.6% against +196.6% for the FHFA HPI.
| Index | Zillow ZHVI | FHFA HPI | Case-Shiller |
|---|---|---|---|
| Publisher | Zillow Research | Federal Housing Finance Agency (FHFA) | S&P Dow Jones Indices (S&P Cotality Case-Shiller) |
| What it measures | The dollar value of a typical home, meaning homes in the middle third of values | Price change for a single-family home, measured between a sale and a refinance | Price change for the same homes between two sales |
| Method | Typical value | Weighted repeat sales | Repeat sales (sales pairs) |
| Unit | Dollars | Index number | Index, January 2000 = 100 |
| Homes in it | Single-family homes and condos | Single-family homes carrying a Fannie Mae mortgage or a Freddie Mac mortgage | Homes that sold at least twice (sales pairs) |
| How often | Monthly | Monthly, with state and metro data each quarter | Monthly, about two months behind |
| Places | 292 cities, along with metros, each state, and the US, all on this site | US, census divisions, states, and metros (on this site: states and the US) | National US index, plus 10-city and 20-city composites and 20 metros |
| Goes back to | 2000 on this site | 1975 | Not held here; on FRED |
| Latest month | September 2026 (this site) | Q2 2026 (this site) | August 2026 (on FRED) |
The NAHB housing market index (the builder survey from NAHB/Wells Fargo) is not a price index: it polls builders on how sales feel. You will find it alongside the others on home price index compared. FHFA in detail: FHFA house price index; the S&P index: Case-Shiller index.
How this site uses ZHVI
- Each city and state page starts with the ZHVI for September 2026, then charts it month by month.
- For a city, the home appreciation calculator draws on the ZHVI yearly average when the purchase year falls inside that series; for states and the US, it uses the FHFA index for earlier years.
- ZHVI feeds three of the five inputs of the crash-risk score: the 12-month change, the price to rent figure, and the price to income figure.
- Years and averages: home prices by year plus average home appreciation per year.
- How each figure is calculated: methodology. Files here: housing market data (CSV).