Home Values Back At Record Highs In Many U.S. Cities

Aug 02, 2018

A decade after the historic real estate market bust, home values in a majority of the nation's largest cities are equal to or higher than their previous peak in 2006-2007.
According to a new report from real estate website Zillow, the national median home value is more than $217,000, 8.4% higher than the pre-Great Recession top.
Median homes values in 21 of the 35 biggest markets are also at record highs, as of June.
Zillow says the price spike is largely the result of a shortage of properties for sale.
Denver is an extreme example of the boom. Its median home value of almost $400,000 is 65% higher than the previous peak. In addition, 99% of all homes in the city are now more valuable than at the time of the last bubble.
In several other of the nation's largest cities, almost 100% of the homes are worth as much or more than they were a decade ago.
San Jose is another example of the price surge. Part of Silicon Valley, the city has seen the median home value jump about 22% in the past 12 months to almost $1.3 million.