Now that a decade has passed since the housing market collapsed and home prices have steadily risen on a national basis, Zillow’s researchers found that the housing market has regained all of the $9 trillion lost in home value during the recession.
More than half of the largest housing markets have regained all of the value they lost, with the typical home worth $55,200 more than it was at the bottom of the housing bust. But before you applaud, it’s important to recognize that not every housing market has fully recovered.
In fact, even markets that are looked at as healthy, such as the Washington, D.C., area, have still not entirely achieved a complete comeback. The typical D.C.-area home fell 27.5 percent in value or $117,800, according to Zillow. Since hitting bottom in January/ February 2012, home values have gained 24.4 percent or $75,700.
Home values in the D.C. area are currently 9.8 percent below the highest level they reached during the housing bubble.
In contrast, San Jose, the market that gained the most value since the housing crisis, lost 25.3 percent of its value or $188,500. Since hitting bottom, home values have gained 110.5 percent or $615,100. Home prices are currently 57.2 above the highest level they reached during the housing bubble.
The other four markets where houses have gained the most value since the recession include San Francisco, Los Angeles, San Diego and Seattle. The housing markets that have gained the least value since the recession are Indianapolis, St. Louis, Cleveland, Pittsburgh and Cincinnati.