Indianapolis, Detroit, and Louisville followed Pittsburgh the three Midwestern metro areas maintained average home values of 137, 140, and 144 thousand dollars respectively. Pittsburgh’s metro area had the sixth lowest average home value at $136,900. The theme of cities located away from coastal areas continued in the rest of the top ten. The Oklahoma City metro area featured average prices just barely higher than Rochester at $135,700. Rochester, New York’s metro area ranked fourth in terms of lowest average home value at $135,100.
The Cleveland metro area had an average home value of $134,000. Following Memphis and Birmingham was Cleveland. Another southern city, Birmingham, ranked 2 nd in terms of lowest average home value at $132,800. At an average price index of $118,800, homes in the Memphis area are 88% cheaper on average than those in the San Jose area. In total, seven of the ten metropolitan areas with the highest average home value are west of the Mississippi River.Īmong top 50 metro areas, the lowest home values are in Memphis. Both metro areas had average home values just above $365,000. Denver and Sacramento closed out the top ten. with home values at 425, 419, and 383 thousand dollars respectively. After the Emerald City area, there were three east coast cities: Boston, New York, and Washington D.C. Only one metropolitan area outside of the state of California ranked in the top 5, with Seattle at $440,100. Los Angeles came in third with an average home value of $606,500 followed by San Diego at $543,300. Outside of the Bay Area, California continued to have the highest home values. Another Bay Area city ranked second in terms of highest average home value the San Francisco metro area had an average home value of $851,900. San Jose’s title as “ the Capital of Silicon Valley” is the main reason for the mind-boggling average home value. The San Jose metro area rises far above the rest of the country with an average home value of $1,007,400. States in a full-screen mapĪs you can see in the first graph there is a large disparity between average home values in metropolitan areas. Using data from Zillow and an interactive map from BatchGeo, here are the average home values of the top 50 metropolitan areas by population in the U.S. Although home values vary widely from city to city and even neighborhood to neighborhood, the average home value in a metropolitan area is a good indicator of the realty market in a given radius. The housing market in a particular area is one of the most important factors to consider when moving.
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