Get free access to our world class MLS search tools, save your favorite listings, create saved searches & much more!

Average U.S. home has gained $55k in value since housing bust

Posted by Mastura Zaini-Roberts on Tuesday, January 30th, 2018 at 9:15am.

But some markets have yet to fully recover from the crisis

The U.S. housing market has gained back all $9 trillion in value lost during the 2007 recession, according to a recent Zillow report. Furthermore, the average U.S. home is now worth $55,200 more than it was at the bottom of the housing bust.

Zillow says West Coast markets have fared the best since 2007, thanks to robust job growth and low inventory that has pushed home values up. On the other hand, The Sand States (California, Florida, Arizona and Nevada), excluding California, have yet to fully recover from the disproportionate impact the housing bust had on them.

The median home in San Jose and Las Vegas dropped $190,000 in value during the recession, but today, homes in Las Vegas have only regained $130,000 in value — leaving a $60,000 gap. Meanwhile, the median home price in San Jose is $615,000, three times the value that was lost.

During the recession, San Francisco homes lost $225,000 in value, but now, homes have gained 91.7 percent of their value back from the December 2012 crisis low, bringing the median home value to $435,700. Los Angeles and San Diego have experienced relatively strong recoveries with homes gaining back 64.5 and 62.6 percent of their value from the crisis low, respectively.

Meanwhile, Zillow classifies Denver as an outlier that didn’t experience much of a housing bust, since home values only fell 9 percent. But Denver median home values have climbed to $379,500 — 61 percent higher than the highest value reached during the mid-2000s bubble.

“A decade after the financial crisis, the scars of the housing bust are still with us,” said Zillow senior economist Aaron Terrazas in a press release. “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,” Terrazas added. “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.”

See the rest of the list here.

Article image credited to David Sawyer / flickr (CC BY-SA 2.0)

 

 

Mastura Roberts
(702) 919-5400
offers@greatlasvegashomes.com

Team Leader, The Tonnesen Team
Berkshire Hathaway HomeServices, Nevada
3185 St Rose Pkwy #100 Henderson, NV 89052

With over 30 years of experience helping families call Las Vegas "home!"



Related Blog Posts

Number of retirees choosing Nevada increases

Retirees have been a player in the local economy for decades, but the breed of retiree has shifted over the course of the years. Sure, there’s always that snowbird looking to avoid harsh winters, but California has now overtaken the conversation as the largest feeder market for the Silver State. Simple real estat...

Canadians: Use Your Home Equity to Buy a Vacation Home in Vegas!

So you’re from Canada, eh? And to get out of the bitter cold winters, you want to buy real estate in Las Vegas.  We all know how hard it is for Canadians to obtain a mortgage in the US nowadays. Las Vegas mortgage lenders restrict property purchases by foreign nationals to one vacation/second home with a down paymen...

Tips for Helping Kids Change School Zones

School is finally out for the summer, and many families are relocating, both across country and within the same city. But often kids don't want to leave their friends or existing school. If you are relocating to Las Vegas or Henderson, NV , or if you are moving to a new home within Clark County, here are some tips for...

Top 11 Things NOT TO DO When Getting a Mortgage

You can unknowingly sabotage your home financing goals by making some obvious and not-so-obvious moves with your finances.  Check out the list below to see if you know the top 10 things NOT to do when you are in the process of buying a home or refinancing. Do Not: Transfer money between accounts, unless receiving co...

5 Mortgage Tips If You’re Building Instead of Buying

One of the most challenging aspects of the home-buying process is getting access to financing. Securing a loan can be even more difficult when you’re planning to build a house from the ground up instead of getting a mortgage to purchase an existing property. If you’re building instead of buying the home of...

Leave a Comment

Have a Question?

Contact Us

Follow Us