What is Zillow Home Value Index (ZHVI)?
The Zillow Home Value Index (ZHVI) is a smoothed, seasonally-adjusted measure of typical home value for a given geography (zip, city, metro, state). It captures the value of a "typical" home in the 35th-65th percentile range — a more stable indicator than median sale price.
ZHVI is the most cited home-value benchmark in US real estate after the Case-Shiller index. Updated monthly with a ~6-week lag, it covers virtually every US zip code and metro.
Unlike median sale price, ZHVI is calibrated to a specific value tier (the middle 35-65%) so it doesn't swing month-to-month when the mix of sold properties changes. That stability makes it useful for tracking trend direction.
On Metro Deal Report city pages, ZHVI is the "Typical home value" stat. The YoY change is computed from the same series. Both pull directly from Zillow's regional rollup pages.
Concepts that connect.
The Zillow Observed Rent Index (ZORI) measures the typical asking rent for a given geography, updated monthly. Unlike a simple median, ZORI is repeat-rent indexed — it tracks rent changes on the same units over time rather than just the mix of currently-listed rentals.
The Metro Deal Report Investor Score is a 0-100 composite ranking of US real estate metros, combining rent yield (40%), buyer-market discount via sale-to-list ratio (30%), motivated-seller proxies via percent of homes sold below list (20%), and median days-on-market (10%).
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