Housing Recovery Is Local

The national median home value is higher than it was at its housing bubble peak, but 14 of the top 35 U.S. metros have not yet fully recovered their home values from the housing crash.

Chicago, Las Vegas, and Orlando, Fla. have been the slowest of the 35 metros to recover, according to the study of home values by Zillow. Chicago has yet to regain 13.5 percent of its median home value since the housing crash, Orlando is similar with a 13.8 percent loss of value, and Vegas is still 16 percent removed from a full recovery. In the meantime, Las Vegas has had some of the sharpest growth of all metros in the nation over the past year.

San Jose – the nation’s most expensive metro – leads the way with a current median home value of $1.29 million, 74 percent 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 percent increase from the bubble’s peak, though, unlike other parts of the country, Denver never experienced a rapid run-up of prices during the bubble years. In all, home values in 21 of the nation’s largest 35 markets are higher than their pre-recession peaks.

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