| Virginia Beach-Norfolk-Newport News, VA-NC MSA | ||||||
| Metro Area Home Value Performance | ||||||
| Home Type | Current Zillow Home Value Index | Year Over Year Change | 5-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 Year | Median Owner Equity | Median Owner Equity (Pct) | Median Down Payment (Pct) | Homes with Negative Equity (Pct) | ||
| 2008 | $5,556 | 2.8% | 2% | 41.9% | ||
| 2007 | $8,577 | 4.3% | 5% | 42.0% | ||
| 2006 | $21,065 | 10.5% | 10% | 30.6% | ||
| 2005 | $43,078 | 24.4% | 15% | 14.0% | ||
| 2004 | $77,353 | 52.6% | 10% | 0.9% | ||
| 2003 | $101,832 | 81.1% | 11% | 0.1% | ||
| Past 5 Years * | $46,562 | 25.8% | 10% | 22.9% | ||
| Market Trends | ||||||
| Quarter of Market Peak | 2007-Q2 | |||||
| Zillow Home Value Index at Peak | $248,481 | |||||
| Change from Peak (Pct) | -9.2% | |||||
| Last Time Market was at Current Level | 2005-Q4 | |||||
| Distress Signals *** | ||||||
| Time Period | Homes Losing Value (Pct) | Homes Sold For Loss (Pct) | ||||
| Past 12 Months | 83.7% | 12.2% | ||||
| Past 5 Years * | 1.1% | 3.2% | ||||
| * Jan 1, 2004 through the end of 2008-Q4 | ||||||
| ** Owner Equity Definitions | ||||||
| Median Owner Equity | The 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 tiers | Bottom 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 | ||||||
Wednesday, March 11, 2009
Virginia Beach-Norfolk-Newport News, VA-NC MSA
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