States of Recovery

Recovering from the Great Recession has been uneven for U.S. housing markets. The national median home value has grown an average $50,000, with some markets topping that figure, while others have yet to regain their 2009 highs.

A recent report from financial services marketplace LendingTree evaluated the 50 biggest U.S. metropolitan areas, using the most recent Census data from 2009 to 2017. Tendayi Kapfidze, chief economist of LendingTree, tells Realtor.com, "You're seeing falling populations," in most metros where home values have not caught up with the rest of the country's growth, "That reduces demand for housing, which leads to lower prices."

So where have home prices not caught up yet? Home values in Hartford, CT, were down the most, falling about $11,800 from 2009 to reach $247,900 in 2017, according to the Lending Tree analysis. Median list prices have since risen a little bit to reach $259,950 as of Jan. 1, according to realtor.com data. The metro was followed by Chicago, where home values are down $9,300; Virginia Beach, VA, where they fell $3,700; and Baltimore, where they dipped $1,900.

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