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) 710-3330
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

Finding Homes for Sale in the Best Las Vegas School Zones

Spring is upon us, and families all across the country are once again gearing up to make a move at the end of the school year. For those relocating from out of state, it can be hard to determine which schools are the BEST Las Vegas schools for their kids from a such a distance. Fortunately, the Clark County School Dis...

Heatwaves Are Not Always Bad Things! Las Vegas Sales on The Rise

While you’re sweltering in the heat, keep in mind that whether you’re buying or selling a home in Las Vegas, a swimming pool is more than a way to cool down  – it’s also a big factor in home values.  2016 is set to be a record-breaking year when it comes to weather.  According to...

Henderson Home for Sale: 344 Bekasina Drive

If you are looking for a beautiful Henderson, Nevada home that is for sale, this new listing at 344 Bekasina Drive may be the ideal home for you. Henderson, Nevada is just a short drive from the Las Vegas Strip but is light years from that lifestyle. Henderson is considered one of the safest cities in the Unite...

Agents sell homes for more than FSBOs: study

Contradicting previous research, new study finds FSBOs sell at discount   Key Takeaways Agents tend to achieve higher sales prices for properties than comparable FSBO listings, enough to offset their commission fee, according to a recent analysis. Academic research has often cast dou...

Buy Las Vegas Real Estate Before FHA Loan Limits Decrease!

Prospective owner occupants need to hurry up and buy Las Vegas real estate before FHA loan limits decrease! The Department of Housing and Urban Development has revised its FHA loan limits for counties across the United States based on the most recent average sales prices, and as of October 1, 2011, Clark County Nevada...

Leave a Comment

Have a Question?

Contact Us

Follow Us