SEATTLE, Jan. 25, 2018 /PRNewswire/ -- The U.S. housing
market has gained back all $9
trillion in value it lost when the market collapsed, but the
uneven nature of the crisis and subsequent recovery has left many
housing markets trailing behind, while others surge further
ahead.
More than half of the nation's largest housing markets have
regained all of the value lost during the recession, with the
typical U.S. home worth $55,200 more
than it was at the bottom of the housing bust, according to a new
Zillow® report.
When the housing bubble burst in 2007, home values plummeted,
and the typical American home lost 23 percent of its value. Since
then, national home values have returned to their previous level,
but the recovery has not been the same in all regions of the
country. West Coast markets have seen the strongest gains in home
value, driven by healthy job growth and limited inventory
exacerbated by limitations on new construction. The Sand States
that saw the biggest losses when the housing market crashed have
yet to fully recover.
The median home in both Las
Vegas and San Jose lost about $190,000 during the housing crisis. However, the
Las Vegas housing market was hit
especially hard during the recession – that $190,000 equaled a 62 percent loss in value – and
its recovery is still lagging, with home values only recovering
$131,000 so far. In San Jose, homes
have gained $615,100 in value since
the crisis, more than three times what was lost.
"A decade after the financial crisis, the scars of the housing
bust are still with us," said Zillow Senior Economist Aaron Terrazas. "The gap between the metros with
the strongest and weakest housing market recoveries is as wide as
it has ever been. The California Bay Area's housing recovery stands
out when compared to other markets that saw similar home value
appreciation because it has more than regained all of its lost
value. Strong, high-paying job markets and persistently limited
inventory sent prices skyrocketing, leading to the Bay Area having
the most valuable housing markets in the country."
Nationally, home values hit their lowest point in December 2012. Individual markets bottomed out
between July 2011 and December 2012.
Markets That Have
Gained the Most and Least Valuei since the
Worst of the Housing Crisis
|
|
Most Value
Gained
|
|
Least Value
Gained
|
1.
|
San Jose -
$615,100
|
1.
|
Indianapolis -
$19,400
|
2.
|
San Francisco -
$435,700
|
2.
|
St. Louis -
$22,100
|
3.
|
Los Angeles -
$248,000
|
3.
|
Cleveland -
$25,200
|
4.
|
San Diego -
$217,500
|
4.
|
Pittsburgh -
$29,000
|
5.
|
Seattle -
$206,400
|
5.
|
Cincinnati -
$29,600
|
Denver home values fell just
over 9 percent during the housing crisis, less than half of what
the typical American home lost in value, largely because the
Denver housing market never
experienced much of a boom during the bubble years. As Denver has emerged as a popular tech hub over
the past decade, its home values have climbed rapidly. The median
home in Denver is worth
$379,500, about 61 percent more than
the highest value reached during the mid-2000s bubble.
Metropolitan
Area
|
When
Market Hit
Bottom
|
Value
Lost (%)
|
Difference
Between
Current
Value and
Bubble
Peak (%)
|
Difference
Between
Current
Value and
Crisis Low
(%)
|
Value
Lost ($)
|
Difference
Between
Current
Value and
Bubble
Peak ($)
|
Difference
Between
Current
Value and
Crisis Low
($)
|
United
States
|
December
2011
|
-23.1%
|
4.9%
|
36.5%
|
-$45,500
|
$9,700
|
$55,200
|
New
York/Northern
New Jersey
|
June 2012
|
-24.3%
|
-3.5%
|
27.5%
|
-
$108,200
|
-$15,400
|
$92,800
|
Los Angeles-
Long Beach-
Anaheim, CA
|
February
2012
|
-36.5%
|
4.5%
|
64.5%
|
-
$220,600
|
$27,400
|
$248,000
|
Chicago,
IL
|
March 2012
|
-33.5%
|
-13.4%
|
30.3%
|
-$82,800
|
-$33,000
|
$49,800
|
Dallas-Fort
Worth, TX
|
October
2011
|
-10.1%
|
47.0%
|
63.5%
|
-$15,100
|
$70,300
|
$85,400
|
Philadelphia,
PA
|
June 2012
|
-17.2%
|
-3.3%
|
16.8%
|
-$39,700
|
-$7,700
|
$32,000
|
Houston,
TX
|
December
2011
|
N/A
|
N/A
|
47.8%
|
N/A
|
N/A
|
$60,000
|
Washington,
DC
|
January/
February
2012
|
-27.5%
|
-9.8%
|
24.4%
|
-
$117,800
|
-$42,100
|
$75,700
|
Miami-Fort
Lauderdale, FL
|
November
2011
|
-54.7%
|
-14.1%
|
89.9%
|
-
$167,400
|
-$43,000
|
$124,400
|
Atlanta,
GA
|
April 2012
|
-33.0%
|
6.9%
|
59.6%
|
-$57,500
|
$12,100
|
$69,600
|
Boston, MA
|
February/
March 2012
|
-19.3%
|
14.7%
|
42.2%
|
-$74,000
|
$56,400
|
$130,400
|
San Francisco,
CA
|
February
2012
|
-32.1%
|
30.1%
|
91.7%
|
-
$225,000
|
$210,700
|
$435,700
|
Detroit,
MI
|
December
2011/
January
2012
|
-51.7%
|
-8.1%
|
90.3%
|
-$81,300
|
-$12,800
|
$68,500
|
Riverside,
CA
|
November
2011
|
-54.1%
|
-15.7%
|
83.6%
|
-
$218,900
|
-$63,700
|
$155,200
|
Phoenix,
AZ
|
August
2011
|
-53.8%
|
-10.5%
|
93.8%
|
-
$147,300
|
-$28,700
|
$118,600
|
Seattle,
WA
|
November
2011
|
-31.2%
|
23.0%
|
78.9%
|
-
$118,900
|
$87,500
|
$206,400
|
Minneapolis-
St Paul, MN
|
January
2012
|
-31.5%
|
3.3%
|
50.8%
|
-$75,800
|
$7,900
|
$83,700
|
San Diego,
CA
|
October
2011
|
-36.1%
|
4.0%
|
62.6%
|
-
$196,000
|
$21,500
|
$217,500
|
St. Louis,
MO
|
April 2012
|
-19.0%
|
-5.1%
|
17.2%
|
-$30,200
|
-$8,100
|
$22,100
|
Tampa, FL
|
November/
December
2011
|
-49.0%
|
-9.8%
|
76.7%
|
-
$105,000
|
-$21,100
|
$83,900
|
Baltimore,
MD
|
February
2012
|
-23.1%
|
-9.7%
|
17.4%
|
-$66,800
|
-$28,100
|
$38,700
|
Denver, CO
|
July 2011
|
-9.4%
|
60.9%
|
77.6%
|
-$22,200
|
$143,600
|
$165,800
|
Pittsburgh,
PA
|
July 2009
|
1.8%
|
28.6%
|
26.3%
|
$1,900
|
$30,900
|
$29,000
|
Portland,
OR
|
January
2012
|
-27.2%
|
27.4%
|
74.9%
|
-$79,700
|
$80,300
|
$160,000
|
Charlotte,
NC
|
December
2011
|
-14.8%
|
18.2%
|
38.7%
|
-$23,000
|
$28,200
|
$51,200
|
Sacramento,
CA
|
March 2012
|
-50.3%
|
-9.2%
|
82.7%
|
-
$211,300
|
-$38,700
|
$172,600
|
San Antonio,
TX
|
December
2011
|
N/A
|
N/A
|
37.3%
|
N/A
|
N/A
|
$45,800
|
Orlando,
FL
|
December
2011
|
-52.8%
|
-16.3%
|
77.3%
|
-
$135,400
|
-$41,700
|
$93,700
|
Cincinnati,
OH
|
June/July
2012
|
-12.0%
|
8.4%
|
23.3%
|
-$17,400
|
$12,200
|
$29,600
|
Cleveland,
OH
|
January
2012
|
-23.1%
|
-5.8%
|
22.5%
|
-$33,600
|
-$8,400
|
$25,200
|
Kansas City,
MO
|
December
2012
|
-17.9%
|
4.1%
|
26.9%
|
-$28,600
|
$6,600
|
$35,200
|
Las Vegas,
NV
|
November
2011
|
-62.0%
|
-19.1%
|
113.2%
|
-
$189,100
|
-$58,100
|
$131,000
|
Columbus,
OH
|
January
2012
|
-13.8%
|
15.4%
|
33.9%
|
-$20,400
|
$22,800
|
$43,200
|
Indianapolis,
IN
|
February/
April 2012
|
-9.8%
|
4.4%
|
15.8%
|
-$13,400
|
$6,000
|
$19,400
|
San Jose,
CA
|
January
2012
|
-25.3%
|
57.2%
|
110.5%
|
-
$188,500
|
$426,600
|
$615,100
|
Austin, TX
|
November
2011
|
N/A
|
N/A
|
61.6%
|
N/A
|
N/A
|
$106,800
|
Zillow
Zillow is the leading real estate and rental marketplace
dedicated to empowering consumers with data, inspiration and
knowledge around the place they call home, and connecting them with
the best local professionals who can help. In addition, Zillow
operates an industry-leading economics and analytics bureau led by
Zillow's Chief Economist Dr. Svenja
Gudell. Dr. Gudell and her team of economists and data
analysts produce extensive housing data and research covering more
than 450 markets at Zillow Real Estate Research. Zillow also
sponsors the quarterly Zillow Home Price Expectations Survey, which
asks more than 100 leading economists, real estate experts and
investment and market strategists to predict the path of the Zillow
Home Value Index over the next five years. Launched in 2006, Zillow
is owned and operated by Zillow Group, Inc. (NASDAQ:Z and ZG), and
headquartered in Seattle.
Zillow is a registered trademark of Zillow, Inc.
|
|
|
i Value
gained is for the median home in each metro.
|
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SOURCE Zillow