Home values in the Fresno region keep cooling. See the largest price declines, rises
The coronavirus pandemic saw the typical value of single-family homes soar in most ZIP codes across Fresno County and the central San Joaquin Valley from the start of 2020 through mid-2022.
But the robust housing market has shown signs of cooling off considerably over the second half of 2022 and into the start of 2023, according to estimates by online real estate research firm Zillow.com.
The latest edition of the Zillow Home Value Index for January 2023, released last week, reveals that across ZIP codes both large and small in the Valley, the estimated values of homes dipped by an average of about 2.5% compared to July 2022, and in some areas by as more than 9%.
That’s a far cry from the average increase of almost 38% across ZIP codes in Fresno, Kings, Madera, Merced and Tulare counties registered between January 2020, prior to the arrival of COVID-19, and June 2022.
The Zillow index is based on the estimated typical value of homes, whether on the market for sale or not. It represents the average of the middle one-third of homes in a given area or region.
Largest value declines vs. increases
Within Fresno County, the sparsely-populated 93641 ZIP code around Miramonte, in the Sierra Nevada east of Fresno, saw the largest decline in value since mid-2022, slipping about 8.2% from a value of almost $278,000 in July to about $255,000 last month.
At the other end of the county, in Coalinga, the typical home value in the 93210 ZIP code rose slightly from July’s estimate of just over $258,000 to about $262,000, or an increase of about 1.3%.
Throughout the region, the slowdown in home values as estimated by Zillow has also been reflected in recent months by falling asking prices for homes listed on the market, and a longer time on the market before a house is sold.
This story was originally published February 15, 2023 at 5:30 AM.
