Recession Comeback Slowest in Suburbs

While housing prices in both urban and rural areas have surpassed their pre-recession levels, suburban prices remain below their 2006 high.

New data from Zillow Research shows that the per-square-foot values of both urban and rural homes are currently $231 and $102 respectively, reaching new peaks after surpassing their pre-recession levels in 2016. Meanwhile, the current per-square-foot value for suburban homes is $138, which staying below the prior peak of $140.

The data provide another illustration of the deep and lasting scars of the recession, as well as how different market segments have fared in the years since then. Many cities have experienced tremendous growth in recent years as high-paying jobs in tech, healthcare, finance and other booming industries increasingly located in dense urban cores, while other areas have not bounced back.

Read more