A Decade After Housing Bust, California Markets Pace Recovery
A decade after the collapse of the housing market and start of the Great Recession, home values have more than recovered in most of the nation’s largest markets, according to research by Zillow. The markets with the highest gains above the mid-2000s bubble are primarily in the West and Southwest.
San Jose, the nation’s most expensive metro, leads the way with a current median home value of $1.29 million, 74% higher than the top of the bubble and more than double its post-crash low. Denver follows with its median value of $397,800 representing a 66% increase from the bubble’s peak. In all, home values in 21 of the nation’s largest 35 markets are higher than their pre-recession peaks.
“A decade after the financial crisis it’s clear that, just as the bust was felt very differently across the country, so has the recovery. Looking back, the housing bust was a rare historical moment when housing markets across the country moved in sync,” said Zillow Senior Economist Aaron Terrazas.
| Metropolitan Area |
Peak Median Pre-Crash |
Lowest Post-Crash |
Current |
Change |
| United States |
$200,500 |
$148,600 |
$218,000 |
8.7% |
| New York, NY |
$452,800 |
$335,100 |
$429,700 |
-5.1% |
| Los Angeles-Long Beach-Anaheim, CA |
$609,600 |
$380,800 |
$643,300 |
5.5% |
| Chicago, IL |
$254,100 |
$159,200 |
$219,800 |
-13.5% |
| Dallas-Fort Worth, TX |
$152,400 |
$137,800 |
$231,100 |
51.6% |
| Philadelphia, PA |
$237,300 |
$186,900 |
$228,400 |
-3.8% |
| Houston, TX |
$149,600 |
$133,400 |
$199,300 |
33.2% |
| Washington, DC |
$435,400 |
$308,900 |
$397,500 |
-8.7% |
| Miami-Fort Lauderdale, FL |
$311,600 |
$136,800 |
$275,700 |
-11.5% |
| Atlanta, GA |
$184,600 |
$116,400 |
$206,300 |
11.8% |
| Boston, MA |
$386,600 |
$305,800 |
$456,400 |
18.1% |
| San Francisco, CA |
$705,100 |
$471,100 |
$954,100 |
35.3% |
| Detroit, MI |
$159,200 |
$73,900 |
$156,100 |
-1.9% |
| Riverside, CA |
$408,900 |
$186,000 |
$358,600 |
-12.3% |
| Phoenix, AZ |
$284,000 |
$128,600 |
$256,000 |
-9.9% |
| Seattle, WA |
$381,400 |
$254,700 |
$487,600 |
27.8% |
| Minneapolis-St Paul, MN |
$240,700 |
$166,300 |
$261,300 |
8.6% |
| San Diego, CA |
$540,000 |
$342,800 |
$584,100 |
8.2% |
| St. Louis, MO |
$155,900 |
$129,300 |
$161,800 |
3.8% |
| Tampa, FL |
$223,500 |
$110,000 |
$205,900 |
-7.9% |
| Baltimore, MD |
$298,500 |
$216,900 |
$264,700 |
-11.3% |
| Denver, CO |
$240,200 |
$211,600 |
$397,800 |
65.6% |
| Pittsburgh, PA |
$111,000 |
$106,700 |
$141,600 |
27.6% |
| Portland, OR |
$293,700 |
$215,500 |
$391,800 |
33.4% |
| Charlotte, NC |
$158,100 |
$130,600 |
$196,800 |
24.5% |
| Sacramento, CA |
$423,300 |
$209,800 |
$400,800 |
-5.3% |
| San Antonio, TX |
$143,400 |
$132,600 |
$185,900 |
29.6% |
| Orlando, FL |
$265,200 |
$122,200 |
$228,700 |
-13.8% |
| Cincinnati, OH |
$146,200 |
$125,300 |
$162,000 |
10.8% |
| Cleveland, OH |
$143,800 |
$110,600 |
$141,500 |
-1.6% |
| Kansas City, MO |
$155,500 |
$135,500 |
$182,600 |
17.4% |
| Las Vegas, NV |
$316,800 |
$119,900 |
$266,200 |
-16.0% |
| Columbus, OH |
$150,200 |
$126,100 |
$182,600 |
21.6% |
| Indianapolis, IN |
$132,000 |
$114,400 |
$154,100 |
16.7% |
| San Jose, CA |
$743,800 |
$546,200 |
$1,292,600 |
73.8% |
| Austin, TX |
$199,400 |
$185,900 |
$298,000 |
49.4% |
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