Definition
The arithmetic average of the self-reported value of owner-occupied housing units in a specific geographic area.
Why It Matters
This is a key indicator of housing market appreciation or depreciation and overall wealth held in real estate. It reflects the economic status of homeowners and the perceived value of housing assets in a region.
Specific Relevance for Professionals:
Marketers
Essential for targeting homeowners with products and services related to home value (e.g., luxury home improvements, refinancing, property management for high-value homes, wealth management).
Researchers
Fundamental for studying housing market trends, wealth accumulation through real estate, and the economic impact of property values on household finances and local economies.
Consultants
Crucial for real estate investors and developers assessing market opportunity, risk, and property valuation in specific regions. It guides investment strategies in housing markets.
Public Policy Workers
Important for informing property tax policies, assessing local economic health, and understanding the housing wealth of a community for planning and development initiatives.
