Zillow Home Value Index (ZHVI)
The Zillow Home Value Index measures the typical value of US homes (the 35th-65th percentile band, all home types), in dollars, smoothed and seasonally adjusted, monthly since 2000. Unlike repeat-sales indexes (Case-Shiller) it is dollar-denominated and published with only a ~2-week lag, making it the fastest broad read on national home prices.
Typical US home value ($)
- YoY %
- 1.2%
Latest reading
As of September 2026, Home Value (ZHVI) (Typical US home value ($)) stands at $366K — up from $366K the prior reading, a record high in the series since 2000. The latest reading ($366K, September 2026) is a record in nominal dollars, but after inflation the record belongs to August 2022: $398K in September 2026 dollars, so the latest reading is 8.0% below it. The level is the headline ("the typical US home costs $X"); the year-over-year rate is the cycle signal. Sustained YoY declines have only two precedents in the index: 2007-2011 and briefly in 2023. Because ZHVI is smoothed, turning points show up a month or two after the raw market turns — read it with mortgage rates and months-supply for the lead. Series history runs from 2000 to present.
After inflation: Real home prices (Case-Shiller ÷ CPI) →
Sources, methodology & freshnessZillow Research public data (ZHVI, all homes, mid-tier, smoothed & seasonally adjusted), monthly · Monthly, with every releaseData as of 2026-09-01 · Open ↓Close ↑
Full history
Home value ($)
Year-over-year %
Annual home-price appreciation in Zillow's index. Shaded green above 0 / red below 0 — the 2006-2011 bust and the 2021-22 boom bracket the range.
Real home value (September 2026 dollars)
The typical US home value restated in September 2026 dollars, so every past reading buys the same basket as today.
Deflated by CPI-U (BLS), matched by month; the latest months appear once CPI is published.
Methodology & data
Home Value (ZHVI) is sourced from Zillow directly from the publisher’s own dataset (Zillow Research public data (ZHVI, all homes, mid-tier, smoothed & seasonally adjusted), monthly). We pull the complete history, chart it on a monthly basis, overlay SPY for context, and generate a dated plain-English reading from the latest release — with no smoothing or adjustment beyond what the chart legend states.
Every reading is stamped with its release date. Latest observation 2026-09-01. Maintained and reviewed by Yuriy Matso; see our methodology for the standards every series on the site is held to.
Frequently asked questions
What is the Zillow Home Value Index (ZHVI)?
The Zillow Home Value Index measures the typical value of US homes (the 35th-65th percentile band, all home types), in dollars, smoothed and seasonally adjusted, monthly since 2000. Unlike repeat-sales indexes (Case-Shiller) it is dollar-denominated and published with only a ~2-week lag, making it the fastest broad read on national home prices.
How do you read Home Value (ZHVI)?
The level is the headline ("the typical US home costs $X"); the year-over-year rate is the cycle signal. Sustained YoY declines have only two precedents in the index: 2007-2011 and briefly in 2023. Because ZHVI is smoothed, turning points show up a month or two after the raw market turns — read it with mortgage rates and months-supply for the lead.
Where does the Home Value (ZHVI) data come from?
Zillow Research public data (ZHVI, all homes, mid-tier, smoothed & seasonally adjusted), monthly. We chart the full history and publish a dated, plain-English reading with every release; the raw series is downloadable as CSV at /data/indicators/zillow-home-value.csv.
How often is Home Value (ZHVI) updated?
Home Value (ZHVI) is a monthly series from Zillow, refreshed here as soon as a new release posts from Zillow.
Typical US home value ($)
- YoY %
- 1.2%