Wednesday, March 11, 2009

Virginia Beach-Norfolk-Newport News, VA-NC MSA

Virginia Beach-Norfolk-Newport News, VA-NC MSA
Metro Area Home Value Performance
Home TypeCurrent Zillow Home Value IndexYear Over Year Change5-Year Annualized Change
All Homes$225,629-6.4%8.0%
Single Family$234,809-6.1%7.8%
Condo/Coop$176,348-7.5%11.1%
Bottom Tier$161,854-3.7%11.5%
Middle Tier$225,629-6.4%7.7%
Top Tier$350,764-6.7%5.5%
Owner Equity **
Purchase YearMedian Owner EquityMedian Owner Equity (Pct)Median Down Payment (Pct)Homes with Negative Equity (Pct)
2008$5,5562.8%2%41.9%
2007$8,5774.3%5%42.0%
2006$21,06510.5%10%30.6%
2005$43,07824.4%15%14.0%
2004$77,35352.6%10%0.9%
2003$101,83281.1%11%0.1%
Past 5 Years *$46,56225.8%10%22.9%
Market Trends
Quarter of Market Peak2007-Q2
Zillow Home Value Index at Peak$248,481
Change from Peak (Pct)-9.2%
Last Time Market was at Current Level2005-Q4
Distress Signals ***
Time PeriodHomes Losing Value (Pct)Homes Sold For Loss (Pct)
Past 12 Months83.7%12.2%
Past 5 Years *1.1%3.2%
* Jan 1, 2004 through the end of 2008-Q4
** Owner Equity Definitions
Median Owner EquityThe current median equity for all homes purchased for the given time period and has a mortgage
Median Owner Equity (Pct)The current median equity percentage for all homes purchased for the given time period and has a mortgage
Median Down Payment (Pct)The median down payment percentage for all homes purchased for the given time period
Purchases With Negative Equity (Pct)The current percentage of homes with negative equity for all homes purchased for the given time period and has a mortgage
*** Distress Signals Definitions
Homes Losing Value (Pct)The percentage of homes which had a Zestimate drop during the given time period
Homes Sold For Loss (Pct)The percentage of homes sold during the given time period for less than the previous purchase price
Value tiersBottom Tier - Bottom third of homes based on Zestimate value. Less Than $193,741
Middle Tier - Middle third of homes based on Zestimate value. Between $193,741 and $288,196

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