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Florida, Texas & Tennessee see fastest home value appreciation

The nation’s fastest-growing home values are no longer in their traditional California markets, having shifted to markets in Florida, Texas and Tennessee, according to Zillow’s latest Real Estate Market Report.

U.S. home values are up 7.2 percent over the past year, to a Zillow Home Value Index of $195,300, with some new growth leaders seeing annual home values leap by double-digits.

Nashville, Portland and Tampa reported the fastest year-over-year home value growth, all appreciating over 10 percent. Orlando, Detroit, Las Vegas and Miami are also among the top 10 fastest appreciating markets, a shift away from California dominance. Home values in Nashville were up 9 percent a year ago, but are now rising at more than 12 percent annually, the fastest among the 40 largest U.S. metros. San Francisco and San Jose were both among the top 10 fastest appreciating housing markets at this time last year, but today are among the slowest.

West Coast metros have been among the powerhouse markets driving overall home value growth for the past several years, with new residents flocking to tech-hubs for jobs. However, as the cost of living becomes increasingly expensive, home shoppers are having a hard time finding affordable housing in these areas — just four of the 10 fastest appreciating housing markets are in the West. Southern markets, like Nashville and Dallas, are desirable for home shoppers in search of job opportunities, reasonably priced homes and an overall good quality of life.  Read More

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