The five metros below posted the strongest annual gains in the Zillow Home Value Index (ZHVI) in this dataset, with increases ranging from 6.4% to 8.5%. All five are smaller markets, and four of the five have typical home values under $270,000. The appreciation numbers tell one story, but the days on market and price cut figures add necessary context. Each of these markets moves quickly, yet in every one of them at least one in five listings has taken a price reduction. That combination suggests well-priced homes sell fast while overpriced ones sit and get marked down.
The Rankings at a Glance
| Metro | ZHVI | YoY Change | Median List Price | Days on Market | % With Price Cut | New Listings |
|---|---|---|---|---|---|---|
| Rockford, IL | $222,178 | 8.5% | $253,117 | 7 | 23.2% | 407 |
| Norwich, CT | $430,914 | 7.0% | $446,317 | 9 | 20.6% | 291 |
| Binghamton, NY | $203,310 | 6.9% | $211,333 | 14 | 24.0% | 236 |
| Syracuse, NY | $268,949 | 6.6% | $283,683 | 9 | 20.3% | 642 |
| Peoria, IL | $174,845 | 6.4% | $164,150 | 10 | 28.2% | 513 |
Working backward from the annual percentage, the typical home gained roughly $17,400 in Rockford, $28,200 in Norwich, $13,100 in Binghamton, $16,700 in Syracuse and $10,500 in Peoria over the past year. Norwich leads in dollar terms because its base value is about twice that of the other metros, even though its percentage gain ranks second.
Rockford, IL: The Fastest Market in the Group
Rockford combines the highest appreciation rate, at 8.5%, with the shortest median days on market, at 7. Homes that are priced correctly are going under contract in about a week. The median list price of $253,117 sits about 13.9% above the ZHVI of $222,178, which is the widest gap in this group. Sellers are listing well above the typical home value, and 23.2% of listings have needed a price cut. For buyers, the gap means the asking price on a given listing may reflect seller optimism more than recent value trends. Comparing a listing against nearby closed sales matters more here than in the other four markets.
Norwich, CT: Higher Prices, Tighter Pricing
Norwich is the only market on the list with a typical value above $400,000. Its median list price of $446,317 is about 3.6% above the ZHVI, the narrowest premium among the five. Sellers here appear to be pricing closer to market value, and the share of listings with price cuts, at 20.6%, is among the lowest in the group. With only 291 new listings, supply is thin. Buyers should expect limited choice and a 9-day median timeline, so having financing approved before touring is a practical requirement.
Binghamton, NY: More Time to Decide
Binghamton has the lowest typical home value among the four markets priced above $200,000, at $203,310, and it posted a 6.9% gain. It also has the longest median days on market, at 14, and the fewest new listings, at 236. The 24.0% price cut share is the second highest on the list. Buyers here have somewhat more room to negotiate and more time to evaluate a property than in Rockford or Norwich. Sellers should note that a two-week median still counts as quick, but the high price cut rate indicates that buyers are resisting aggressive asking prices.
Syracuse, NY: The Most Inventory
Syracuse had 642 new listings, the most of any metro here and more than double the counts in Norwich or Binghamton. Despite that supply, homes still sell in a median of 9 days, and values rose 6.6%. The lowest price cut share in the group, 20.3%, points to steady demand absorbing the new inventory. For buyers who want options, Syracuse offers the widest selection on this list. The list price premium of about 5.5% over the ZHVI is moderate, so asking prices are generally close to value.
Peoria, IL: Lowest Prices, Most Price Cuts
Peoria has the lowest typical home value, at $174,845, and it is the only market where the median list price, $164,150, falls below the ZHVI, by about 6.1%. It also has the highest share of listings with price cuts, at 28.2%. This pattern can reflect a mix of lower-priced inventory hitting the market, along with sellers adjusting expectations. Values still rose 6.4%, and the 10-day median shows homes are moving. For buyers, Peoria offers the most negotiating signals in the dataset. For sellers, the data suggests that pricing at or slightly below recent comparable sales is the faster route to a contract.
What the Numbers Mean for Your Next Move
Across all five metros, rising values and short selling times coexist with price cut rates between 20% and 28%. Fast appreciation does not mean every listing commands its asking price. Sellers in these markets should price against recent closed sales rather than the annual appreciation figure, since overreaching appears to lead to reductions. Buyers should be prepared to act within a week or two on well-priced homes and should treat listings that have been on the market well past the local median as candidates for a lower offer. Before making an offer in any of these metros, pull the listing's price history and check whether it has already been cut.