Real estate markets in many cities are now even stronger than they were before the most recent housing crash. Last year, the national median home price rose to $227,000—even higher than its 2005 peak of $220,400. Home prices nationally have grown 26 percent since hitting bottom in 2011. At the local level, some markets are doing better than others.
Realtor.com® analyzed the 150 largest metros in the country to find the cities that have rebounded the most through 2016. The site factored in each city’s peak prerecession home prices and their lowest levels during the downturn. Additionally, researchers measured each metro’s recovery according to the amount of new-home construction in each area, foreclosures, unemployment rates, and the household income of its residents in 2016.
Realtor.com® found that the cities with the greatest recoveries tended to have colleges, research centers, a diversified economy, and an educated workforce that helped attract new businesses. Here are the 10 biggest comeback cities:
- San Jose, Calif.
Post-crash price growth (since the city’s low in 2011): 57% - San Francisco
Post-crash price growth (since 2011): 53% - Portland, Ore.
Post-crash price growth (since 2011): 43% - Grand Rapids, Mich.
Post-crash price growth (since 2011): 30% - Provo, Utah
Post-crash price growth (since 2009): 38% - Colorado Springs, Colo.
Post-crash price growth (since 2009): 26% - North Port, Fla.
Post-crash price growth (since 2011): 51% - Charlotte, N.C.
Post-crash price growth (since 2009): 33% - Boise, Idaho
Post-crash price growth (since 2011): 48% - Reno, Nev.
Post-crash price growth (since 2011): 77%
Source: “These Cities Are the 10 Biggest Comeback Stories in U.S. Real Estate,” realtor.com® (May 8, 2017)
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