Home values in Houston, U.S. rise amid drop in listings as owners hold on to cheap mortgages
Brett Coomer, Houston Chronicle / Staff photographer
Typical home values in the U.S. rose by 1.4 percent in May compared with April, the strongest monthly appreciation since last June, according to a new report by online real estate marketplace Zillow. The typical home value in Houston, meanwhile, was up 0.8 percent from April to May, also the highest since June 2022's increase of 1.4 percent but still among the lowest of U.S. cities.
Values were up most in Columbus and Cincinnati, Ohio, rising 2.2 percent over the month, followed by Detroit and Richmond, Va., at 2.1 percent. After the 20 percent down payment, buyers are paying almost $1,800 a month on a loan for the typical U.S. home value of $346,856 in May, according to Zillow. That's 22 percent higher than last year and $901 higher than in 2019. In Houston, the monthly mortgage payment on a $306,984 typical home was $1,596 in May — or about $760 higher than 2019.
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