Key points from the chart
- The chart tracks typical US home values in three price tiers from 2000 to August 2023, using Zillow data.
- All three tiers follow the same path: a rise in the early 2000s, a fall after the housing bubble burst in 2007 and 2008, a slow recovery and a sharp climb after the COVID-19 pandemic began in 2020.
- The top tier line rises furthest in dollars, ending well above $600,000, while the bottom tier ends below $200,000.
- Three annotations mark the early 2000s (low interest rates, easy credit conditions and high demand), 2007 to 2008 (housing bubble burst) and 2020 (COVID-19 pandemic).
All points are from the graphic by Ehsan Soltani of Econovis, which cites Econovis and Zillow.
The chart in text
Title: U.S. Home Prices Across Bottom, Mid, and Top Tiers. Subtitle: Typical Home Values by Tier, Bottom (5th to 35th Percentile), Mid (35th to 65th), and Top (65th to 95th) in Thousands of U.S. Dollars.
- Lines: Top-Tier (red), Mid-Tier (black), Bottom-Tier (blue).
- Vertical axis: Home Value (Thousand US$), from 0 to 800 in steps of 100.
- Horizontal axis: 2000, 2005, 2010, 2015, 2020 and 2023-08, with a tick for each year.
- Annotations: Early 2000s, Low Interest Rates, Easy Credit Conditions, and High Demand. 2007-2008, Housing Bubble Burst. 2020, COVID-19 Pandemic.
- Footer: Sources: Econovis, Zillow. Research and visualization by Ehsan Soltani. www.econovis.net. @econovisuals.
The chart prints no values on the lines. The table below gives the same Zillow series at the key turning points, taken from Zillow’s current data files for the United States.
| Point in the series | Bottom tier | Mid tier | Top tier |
|---|---|---|---|
| January 2000 | $58,871 | $122,626 | $243,328 |
| Pre-2008 peak | $97,895 (May 2007) | $209,819 (April 2007) | $453,960 (September 2006) |
| Post-crash low | $77,117 (January 2012) | $159,064 (February 2012) | $330,937 (February 2012) |
| January 2020 | $128,804 | $248,883 | $494,632 |
| August 2023 (chart end) | $184,458 | $350,736 | $672,358 |
| Change, January 2000 to August 2023 (our arithmetic) | 3.13 times | 2.86 times | 2.76 times |
What the three tiers mean
The figures are the Zillow Home Value Index (ZHVI), which Zillow describes as the typical home value for a region, not the median [2]. The standard index reflects homes in the 35th to 65th percentile of values, the mid tier on the chart. Zillow also publishes a top tier for homes in the 65th to 95th percentile and a bottom tier for the 5th to 35th percentile [1]. The series cover single family homes, condominiums and co-operatives [1].
How the tiers moved
On Zillow’s numbers, the fall after the pre-2008 peak was deepest at the top: about 27% for the top tier, 24% for the mid tier and 21% for the bottom tier by early 2012 (our arithmetic). From January 2020 to August 2023 the order reversed, with the bottom tier rising about 43%, the mid tier 41% and the top tier 36% [1].
Over the whole period the bottom tier grew fastest in percentage terms, 3.13 times its January 2000 value against 2.76 times for the top tier, but the dollar gap widened. The top tier was about $184,000 above the bottom tier in January 2000 and about $488,000 above it in August 2023 (our arithmetic from the table).
Notes on this infographic
- Data date: the series ends in August 2023. Zillow upgraded the full ZHVI history using its neural Zestimate from the January 2023 release onwards [1], and the series is revised, so the current figures in our table may differ slightly from the lines plotted on the chart.
- Our table uses Zillow’s smoothed, seasonally adjusted series for all homes in the United States [2]; the chart does not say which version it uses.
- The subtitle says “Thousands of U.S. Dollars”; the values in our table are in dollars.
- We could not find Econovis’s post for this graphic; the credit links to the Econovis site.
Questions about US home prices by tier
How much have US home prices risen since 2000?
On Zillow's figures, the typical US mid tier home value rose from $122,626 in January 2000 to $350,736 in August 2023, 2.86 times as much [1]. The bottom tier rose 3.13 times, from $58,871 to $184,458, and the top tier 2.76 times, from $243,328 to $672,358. The dollar gap between top and bottom widened from about $184,000 to about $488,000.
How much did US home prices fall after the 2008 crash?
US mid tier home values fell about 24% from the pre-2008 peak to early 2012, on Zillow's numbers, from $209,819 in April 2007 to $159,064 in February 2012 [1]. The fall was deepest at the top, about 27%, and smallest at the bottom, about 21%. The top tier peaked earliest, at $453,960 in September 2006.
How much did home prices go up after COVID?
From January 2020 to August 2023, the bottom tier of US home values rose about 43%, the mid tier 41% and the top tier 36%, on Zillow's numbers [1]. The mid tier went from $248,883 to $350,736 over that time. The chart marks 2020 with a COVID-19 pandemic annotation, and all three lines climb sharply after it.
What is the Zillow Home Value Index?
The Zillow Home Value Index (ZHVI) is Zillow's measure of the typical home value for a region, not the median [2]. The standard index reflects homes in the 35th to 65th percentile of values, with a top tier for the 65th to 95th percentile and a bottom tier for the 5th to 35th [1]. The series cover single family homes, condominiums and co-operatives [1].
Sources
- Zillow Research, Housing Data, including the ZHVI bottom, mid and top tier files for the United States.
- Zillow Research, ZHVI User Guide.
- Econovis, econovis.net. The creator’s site.
Last reviewed 30 October 2026
