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Data report · September 2026

The state of the US housing market.

Median home values and year-over-year trends across the 5,610 US ZIP markets we cover, from Zillow Home Value Index data. Free to cite with attribution to Home Value Pros.

Median home value

$373K

Zillow ZHVI, September 2026

States covered

51

and growing

ZIP markets live

5,610

published pages

ZIP markets tracked

26,274

nationwide with data

Zillow's outlook

Housing market predictions for 2026 and 2027

Zillow forecasts typical US home values to rise 1.1% by September 2027. Along the way it expects +0.1% by October 2026 and +0.3% by December 2026.

Of the 894 metro areas Zillow forecasts, 777 are expected to see typical home values rise by September 2027 and 110 to see them fall, with 7 unchanged.

Zillow's 12-month forecasts for the 5 largest metro areas, through September 2027:

  1. 1New York, NY+2.8%
  2. 2Los Angeles, CA+1.9%
  3. 3Chicago, IL+2.7%
  4. 4Dallas, TX-0.9%
  5. 5Houston, TX+0.3%

Will home prices drop in 2027?

Not nationally, by Zillow's forecast: it expects typical US home values to rise 1.1% by September 2027. It does expect values to fall in 110 of the 894 metro areas it covers. Forecasts are not guarantees: mortgage rates, inventory, and the wider economy can move values either way.

Forecast: Zillow Home Value Forecast, published October 2026. A forecast, not a guarantee.

Where values are climbing

Fastest appreciating states

  1. 1North Dakota
    $248KUp8.6%
  2. 2Alaska
    $358KUp7.0%
  3. 3Illinois
    $195KUp6.4%
  4. 4Kansas
    $176KUp5.9%
  5. 5Missouri
    $241KUp5.8%
  6. 6Wisconsin
    $310KUp5.8%
  7. 7Michigan
    $241KUp5.6%
  8. 8Iowa
    $207KUp5.5%
  9. 9New York
    $330KUp5.4%
  10. 10Connecticut
    $445KUp5.2%

Where the market is cooling

Fastest cooling states

  1. 1Kentucky
    $168KDown5.1%
  2. 2Nevada
    $417KDown1.6%
  3. 3Florida
    $344KDown1.1%
  4. 4Arizona
    $385KDown0.7%
  5. 5Colorado
    $494KDown0.6%
  6. 6District of Columbia
    $552KDown0.6%
  7. 7Texas
    $258KUp0.2%
  8. 8Washington
    $497KUp0.6%
  9. 9Maryland
    $445KUp0.7%
  10. 10Utah
    $497KUp0.7%

Priciest markets we cover

Most expensive states by median home value

  1. 1Hawaii
    $842K
  2. 2California
    $693K
  3. 3Massachusetts
    $610K
  4. 4New Jersey
    $575K
  5. 5District of Columbia
    $552K
  6. 6Rhode Island
    $517K
  7. 7Utah
    $497K
  8. 8Washington
    $497K
  9. 9Colorado
    $494K
  10. 10New Hampshire
    $478K

Methodology & attribution

Figures are medians of the latest Zillow Home Value Index (ZHVI) across every published ZIP in each state, as of September 2026. Year-over-year change compares each market to the same month a year earlier, paired ZIPs only. Data and analysis by Home Value Pros. Journalists and publishers may cite these figures with a link to homevaluepros.com/housing-market-report. For a city-by-city read, see our monthly city market reports and the full market index.