3-digit ZIP regional index
Home appreciation in ZIP codes 943xxPalo Alto, CA area
FHFA HPI® data shows the regional home price index for ZIP codes beginning with 943 changed -1.4% over the year to Q2 2026, compared with +0.9% for California and +3.0% for the United States.
The region covers ZIP codes 94301–94306. Most of its 2010 population lived in Santa Clara County (74%), San Mateo County (27%). Communities in the region include East Palo Alto, Stanford, Los Altos Hills. This is a regional index, not a ZIP5, street, or individual-home estimate.
- 1-year change
- -1.4%
- 5-year change
- +29.7%
- Since Q1 1995
- +471%
- National rank (1 year)
- 864th
Year to Q2 2026
vs U.S. +41.3%
vs U.S. +292%
of 882 ZIP3 regions
ZIP3 943 vs California and the U.S.
FHFA HPI® all-transactions index, rebased so Q1 1995 = 100, through Q2 2026
- ZIP3 943: 570.8
- California: 488.5
- San Jose-Sunnyvale-Santa Clara, CA metro: 558.8
- United States: 391.6
Want a different starting year? Rebase this chart or compare with another ZIP3.
Appreciation by time window
| Window | ZIP3 943 | CA | U.S. | Gap vs CA | Gap vs U.S. |
|---|---|---|---|---|---|
| 1 year | -1.4% | +0.9% | +3.0% | −2.3 pts | −4.4 pts |
| 3 years | +1.3% | +7.7% | +12.9% | −6.4 pts | −11.6 pts |
| 5 years | +29.7% | +28.1% | +41.3% | +1.6 pts | −11.6 pts |
| 10 years | +37.5% | +76.2% | +93.3% | −38.7 pts | −55.9 pts |
| Since Q1 1995 | +471% | +388% | +292% | +82.3 pts | +179.2 pts |
If you bought in ZIP3 943 in…
Applying the regional index change from the same quarter of each year to Q2 2026 to an example $300,000 purchase price. Individual homes can differ widely from the regional average.
| Bought in | Index change | $300,000 then, at the regional rate |
|---|---|---|
| Q2 1995 | +463% | $1,689,835 |
| Q2 2000 | +182% | $846,003 |
| Q2 2005 | +87.9% | $563,556 |
| Q2 2010 | +104% | $612,480 |
| Q2 2015 | +56.5% | $469,615 |
| Q2 2020 | +34.2% | $402,716 |
| Q2 2021 | +29.7% | $389,091 |
| Q2 2023 | +1.3% | $303,843 |
| Q2 2025 | -1.3% | $295,961 |
How ZIP3 943 ranks
Over the past year ZIP3 943 ranks 864th of 882 3-digit ZIP regions nationally and 53rd of 57 in California. Its one-year change is −4.4 pts versus the nation and −2.3 pts versus California. Rank 1 is the strongest appreciation.
| Window | National rank | Rank in California |
|---|---|---|
| 1 year | 864th of 882 | 53rd of 57 |
| 3 years | 870th of 882 | 53rd of 57 |
| 5 years | 793rd of 882 | 32nd of 57 |
| 10 years | 873rd of 882 | 53rd of 57 |
| Since Q1 1995 | 28th of 879 | 13th of 57 |
Boom, bust, and recovery in ZIP3 943
ZIP3 943's index peaked in Q2 2006, fell 23.0% to its low in Q4 2009, and regained its peak in Q2 2015, about 9 years after the top. Today it sits +59.6% versus that 2000s peak. How every state and ZIP region fared
| Area | 2000s peak | Low point | Peak to low | Back to peak | Today vs peak |
|---|---|---|---|---|---|
| ZIP3 943 | Q2 2006 | Q4 2009 | -23.0% | Q2 2015 (9 yrs) | +59.6% |
| CA | Q3 2006 | Q1 2012 | -41.0% | Q2 2019 (12.8 yrs) | +50.9% |
| Metro | Q3 2006 | Q1 2012 | -26.8% | Q1 2015 (8.5 yrs) | +74.5% |
| U.S. | Q1 2007 | Q2 2012 | -19.0% | Q4 2016 (9.8 yrs) | +89.3% |
Appreciation after inflation
Adjusting for consumer price inflation, ZIP3 943's index has changed +158% in real terms since Q1 1995. Home prices vs inflation
| Window | Inflation (CPI-U) | ZIP3 943 after inflation | CA after inflation | Metro after inflation | U.S. after inflation |
|---|---|---|---|---|---|
| 1 year | +3.9% | -5.0% | -2.9% | -4.7% | -0.8% |
| 3 years | +9.8% | -7.8% | -1.9% | -3.4% | +2.8% |
| 5 years | +24.0% | +4.6% | +3.3% | +2.7% | +13.9% |
| 10 years | +39.1% | -1.2% | +26.7% | +9.4% | +39.0% |
| Since Q1 1995 | +121% | +158% | +121% | +152% | +76.8% |
Estimate appreciation for a home in ZIP3 943
Regional estimate
$412,426
- Estimated gain
- $112,426
- Index change
- +37.48%
- Start index
- 415.18
- End index
- 570.77
ZIP3 943 (Palo Alto, CA area), Q2 2016 to Q2 2026. Index type: Native 3-Digit ZIP index.
Nearby 3-digit ZIP regions
| 3-digit ZIP region | State | 1 year | 5 years | Since Q1 1995 |
|---|---|---|---|---|
| 940 · Sunnyvale, CA area | CA | +0.6% | +20.8% | +392% |
| 944 · San Mateo, CA area | CA | +4.2% | +29.6% | +395% |
| 951 · San Jose, CA area | CA | -0.4% | +31.2% | +501% |
| 950 · Santa Clara, CA area | CA | +0.2% | +20.7% | +383% |
| 946 · Oakland, CA area | CA | +2.6% | +1.4% | +420% |
| 941 · San Francisco, CA area | CA | +0.9% | +13.3% | +418% |
Recent quarterly index values
| Period | Index |
|---|---|
| Q2 2026 | 570.77 |
| Q1 2026 | 650.69 |
| Q4 2025 | 574.46 |
| Q3 2025 | 567.39 |
| Q2 2025 | 578.56 |
| Q1 2025 | 563.80 |
| Q4 2024 | 605.96 |
| Q3 2024 | 571.91 |
| Q2 2024 | 581.84 |
| Q1 2024 | 638.48 |
| Q4 2023 | 563.39 |
| Q3 2023 | 552.05 |
Frequently asked questions
- How much have home prices risen in ZIP codes starting with 943?
- Based on FHFA HPI® data for 3-digit ZIP region 943, the regional index changed -1.4% over the year to Q2 2026, +29.7% over five years, +37.5% over ten years, and +471% since Q1 1995.
- Is ZIP3 943 appreciating faster than California and the U.S.?
- Over the past year the region's index -1.4% compares with +0.9% for California and +3.0% for the U.S., a gap of −4.4 pts versus the nation. Over five years the gap versus the nation is −11.6 pts.
- Which ZIP codes are in 3-digit ZIP region 943?
- All ZIP codes that begin with 943. Census 2010 ZIP Code Tabulation Areas in this region run from 94301 to 94306 (5 areas). FHFA publishes one index for the whole 3-digit region, not for each 5-digit ZIP code.
- Can I use this to value my home?
- No. The FHFA HPI® is a broad regional index of average price movement. It is not an appraisal, tax assessment, or automated valuation of any individual property. Use it as general context alongside local sales and a professional opinion.