What's Hot: Mortgage Rates Fall Towards 6% Following Fed Cut
83% of DC Homes Have Passed Their Pre-Recession Peak Value
✉️ Want to forward this article? Click here.
Actual and projected home value recovery
During the eight years since the national housing crisis, home prices in the District have been steadily rising. Now a new report reveals that home values in the city have surpassed their pre-crisis peaks.
According to the report by Trulia, 83 percent of homes in DC proper have surpassed their pre-recession values. In the DC area, however, it’s a different story: only 19.5 percent of homes have recovered to their pre-recession peak value of $437,217, with median peak values at $381,913 today.
story continues below
loading...story continues above
Nationwide, 34.2 percent of homes have seen their value exceed the pre-recession peak. When examining the 100 largest metropolitan areas across the country, housing value recovery ranges from as low as 0.6 and 2.4 percent respectively in Las Vegas and Tucson to as high as 98.7 and 98 percent respectively in Denver and San Francisco.
The sluggish recovery of home values in some markets has a lot to do with the foreclosure crisis that accompanied and outlasted the recession, leaving the share of homes that recovered their value at a low of 7 percent in April 2012. Since that time, recovery has held steady at roughly 5 to 6 percent annually, making 100 percent recovery unlikely until September 2025.
Unsurprisingly, income growth strongly correlated to the recovery of home values, with housing markets that saw the most robust income growth between December 2009 and January 2017 seeing a greater share of homes surpassing pre-recession peak values.
See other articles related to: dc area market trends, dc home prices, home values, trulia, trulia trends
This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/83_of_dc_homes_have_passed_their_pre-recession_peak_value/12523.
Most Popular... This Week • Last 30 Days • Ever
A plan to add another new residential building to the Friendship Heights pipeline is ... read »
Mortgage rate buydowns can be a good option for buyers who want to save money on inte... read »
Plans filed this week provide the latest look at the 106-key hotel in the works at an... read »
The eight-bedroom, 35,000 square-foot home in McLean known as The Cliffs went under c... read »
The large new development would take the place of the Ballston One office building al... read »
- Donohoe Files PUD For 127-Unit Development in Friendship Heights
- How Does a Mortgage Rate Buydown Work?
- A Look At Georgetown's New 100-Key Hotel Along The Canal
- A $30 Million Sale? One Of The DC Area's Most Expensive Homes Finds A Buyer
- Updated Plans Filed For 328-Unit Development At Arlington Office Site
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro