Actual and projected home value recovery
During the eight years since the national housing crisis, home prices in the District have been steadily rising. Now a new report reveals that home values in the city have surpassed their pre-crisis peaks.
According to the report by Trulia, 83 percent of homes in DC proper have surpassed their pre-recession values. In the DC area, however, it’s a different story: only 19.5 percent of homes have recovered to their pre-recession peak value of $437,217, with median peak values at $381,913 today.
Nationwide, 34.2 percent of homes have seen their value exceed the pre-recession peak. When examining the 100 largest metropolitan areas across the country, housing value recovery ranges from as low as 0.6 and 2.4 percent respectively in Las Vegas and Tucson to as high as 98.7 and 98 percent respectively in Denver and San Francisco.
The sluggish recovery of home values in some markets has a lot to do with the foreclosure crisis that accompanied and outlasted the recession, leaving the share of homes that recovered their value at a low of 7 percent in April 2012. Since that time, recovery has held steady at roughly 5 to 6 percent annually, making 100 percent recovery unlikely until September 2025.
Unsurprisingly, income growth strongly correlated to the recovery of home values, with housing markets that saw the most robust income growth between December 2009 and January 2017 seeing a greater share of homes surpassing pre-recession peak values.
This article originally published at http://dc.urbanturf.com/articles/blog/83_of_dc_homes_have_passed_their_pre-recession_peak_value/12523
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