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The typical home in the U.S. is valued at exactly $342,941. But just how much does that figure vary across the country? To find out, ResiClub took a closer look at the Zillow Home Value Index (ZHVI). Zillow’s index is designed to capture the value of a typical property across neighborhoods. It measures homes in the 35th to 65th home price percentile. Think of it kind of like a median price.

In the Western half of the country, where the housing shortage was more acute, home prices soared to levels well above the national average over the past decade. The past decades’ significant increase in Western home prices was concurrent with the region’s tech boom, which greatly contributed to income and wealth growth in the West.

The high prices of homes in the Western region, coupled with the concentration of the rate-sensitive tech sector, suggest that Western housing markets are likely to remain more sensitive to interest rate changes compared to their Eastern counterparts. This is evidenced by the more pronounced house price decline in high-cost Western markets such as Seattle, San Francisco, and Phoenix, which coincided with the mortgage rate shock in the second half of 2022.

The first map (see below) shows the typical home value by county, while the last five maps break it down by ZIP code.

Click here to view an interactive/zoomable version of the county map below.

Click here to view an interactive/zoomable version for the Southeast ZIP code map below.

Click here to view an interactive/zoomable version for the Northeast ZIP code map below.

Click here to view an interactive/zoomable version for the Midwest ZIP code map below.

Click here to view an interactive/zoomable version for the Southwest ZIP code map below.

Click here to view an interactive/zoomable version for the West ZIP code map below.

Big picture: ResiClub finds that ZIP code home prices are typically the highest in neighborhoods where local residents are the wealthiest or have higher incomes.

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