Typical national home average at $200,000 but still much cheaper in metro Cincinnati
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Typical national home average at $200,000 but still much cheaper in Tri-State

The typical U.S. home is worth over $200,000 for the first time ever, according to the June Zillow Real Estate Market Reports. The national median home value is now $200,400, up about 7 and a half percent since this time last year.

However, the average home in the Cincinnati/Northern Kentucky is just $152,600, nearly a quarter less than the national average.

High buyer demand coupled with fewer homes for sale is driving up home values across the country -- there are 11 percent fewer homes on the market than a year ago, the greatest drop in inventory since July 2013.

National home values have been rising at over 7 percent annually for the past five months, with many markets consistently rising in the double-digits.

During the height of the housing bubble over a decade ago, the median U.S. home value peaked at $196,600 but never surpassed the $200,000 threshold until now.

"The national housing market remains red hot and shows no signs of slowing, even as some local markets like the Bay Area have noticeably cooled," said Zillow Chief Economist Dr. Svenja Gudell.

"But even in areas where the housing market has slowed, home values are at or very near peak levels, selection is limited, demand is high and competition is fierce.

Given these high costs and high competition, the most important thing you can do is get your finances in order so you know what you can comfortably afford, and find an agent who has experience with bidding wars and will help you stand out in a competitive market, especially if you're buying for the first time." Home values in Seattle, Dallas and Las Vegas are rising fastest, all reporting year-over-year gains in the double-digits.