It’s been nearly a decade since the Great Recession took hold in the U.S., but its effects are still lingering in housing markets across the country.
According to real estate site Trulia, just a little more than a third (34.2 percent) of U.S. homes have surpassed their pre-recession peak value.
“What’s more, the geography of the housing market recovery has been uneven,” Trulia explains.
For example, homes in markets such as Denver and San Francisco have nearly reached their pre-recession peak while the vast majority of housing prices in cities such as Las Vegas and Fort Lauderdale, Florida, have yet to recover.
Trulia compared current home values to pre-recession highs in the 100 biggest metro areas in the U.S. to see which areas are struggling the most.
What sets some cities apart from others? Trulia explains:
Most of the metros with high income growth also have a high share of homes that have recovered to their pre-recession peak. Many of these metros also had strong job and population growth.
Trulia says the housing market recovery has been the weakest in the following cities:
- Las Vegas: 0.6 percent of homes recovered to pre-recession peak value
- Tucson, Arizona: 2.4 percent
- Fresno, California: 2.5 percent
- Camden, New Jersey: 2.7 percent
- Lake County-Kenosha County, Illinois and Wisconsin: 2.7 percent
- Fort Lauderdale: 2.7 percent
- Bakersfield, California: 2.9 percent
- Deltona-Daytona Beach-Ormond Beach, Florida: 2.9 percent
- New Haven, Connecticut: 3.2 percent
- Riverside-San Bernardino, California: 3.4 percent
On the flip side, real estate in these cities largely has bounced back to pre-recession peaks:
- Denver: 98.7 percent of homes now at pre-recession peak
- San Francisco: 98 percent
- Oklahoma City: 94.3 percent
- Nashville: 94.1 percent
- Fort Worth, Texas: 93.9 percent
Check out the interactive map from Trulia to find out how real estate prices in your ZIP code have fared since the recession.
Are you a first-time homebuyer looking to put down some roots by purchasing a home? Check out “10 Best and Worst States for First-Time Homebuyers.”
What is the real estate market like in your area? Share your comments below or on Facebook.
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