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 https://dc.urbanturf.com/articles/blog/83_of_dc_homes_have_passed_their_pre-recession_peak_value/12523.
Most Popular... This Week • Last 30 Days • Ever
Why condo fees are high in some buildings and low in others can be a difficult questi... read »
When sellers haven't quite lined up their next house before their settlement date com... read »
In this edition of First-Timer Primer, we look into the question of how to determine ... read »
The preferred mortgage product among most home buyers is the fixed-rate mortgage. How... read »
Here's what you need to know about reporting profit made from the sale of your home.... read »
UrbanTurf has compiled virtual looks at large new developments around the DC region.... read »
Virginia's homebuyer assistance programs can seem complex. This edition of First-Time... read »
A recent transaction shows that the housing market isn't cooling off everywhere.... read »
Developer Akridge has released new images of their planned Burnham Place development ... read »
The new development will also have a nearly 20,000 square-foot public plaza.... read »
With this weekend's DC houseboat tour a day away, UrbanTurf thought it only fitting t... read »
President Obama travels to Denver this morning to sign the stimulus bill that has bee... read »
In this week's installment of Ask An Agent, a reader wonders if there is a rule for h... read »
As The Wharf prepares to begin construction, DC's houseboat community heads to its ne... read »
In this week's installment of Ask An Agent, a reader asks a fairly common question th... read »
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Visit guides.urbanturf.com or start browsing below!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro