Eight years after the Great Recession, many metro areas across the United States are still suffering. If you bought a home before or during the crisis, you may have noticed wild home price swings in your area. While some metro areas in the United States have seen home price growth since the recession, others areas have not done so well. Take a look at our map below. Here we have mapped out the best and worst performing metro areas, based on data provided by Federal Housing Finance Agency and HSH.
These map markers represent the U.S. metros with either the greatest or least home price recovery based on their peaks. The areas marked in red have average home prices below their record peak, while the areas marked in green have recovered and even grown past their previous peak. The data measures the average price of a single-family home between 1991 and the second quarter of 2016.
Best Performing Metros
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Denver-Aurora-Lakewood, CO: 49.29% above peak
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Austin-Round Rock, TX: 47.85% above peak
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Houston-The Woodlands-Sugar Land, TX: 41.73% above peak
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Dallas-Plano-Irving, TX (MSAD): 40.87% above peak
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San Francisco-Redwood City-South San Francisco, CA (MSAD): 34.61% above peak
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Fort Worth-Arlington, TX (MSAD): 28.76% above peak
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Pittsburgh, PA: 25.81% above peak
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Nashville-Davidson--Murfreesboro--Franklin, TN: 24.27% above peak
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Buffalo-Cheektowaga-Niagara Falls, NY: 23.61% above peak
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San Antonio-New Braunfels, TX: 21.59% above peak
Worst Performing Metros
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Las Vegas-Henderson-Paradise, NV: 49.72% below peak
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Stockton-Lodi, CA: 43.55% below peak
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Bakersfield, CA: 40.06% below peak
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Cape Coral-Fort Myers, FL: 37.39% below peak
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Fresno, CA: 36.72% below peak
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Tucson, AZ: 32.18% below peak
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Riverside-San Bernardino-Ontario, CA: 31.23% below peak
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Camden, NJ (MSAD): 28.69% below peak
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Orlando-Kissimmee-Sanford, FL: 28.24% below peak
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Elgin, IL (MSAD): 27.81% below peak
If you’re in California, the North East or Florida, there’s a good chance your home price hasn’t recovered yet. California alone has four of the 10 worst performing metro areas. The Stockton-Lodi and Bakersfield housing markets take the 2nd and 3rd spots for biggest drop from peak prices, with both falling more than 40%. California was hit particularly hard by the Great Recession and many Californians suffered foreclosures. But in nearby Nevada, things are even worse. Home prices in the Las Vegas-Henderson-Paradise metro area are 49.72% below peak levels, the worst performance in the entire country. Sin City apparently gambled big and lost. In the historic North East, most metro areas have not yet recovered to peak price levels.
Despite the weak performances among metro areas in California, one city stood out from the crowd. The San Francisco-Redwood City-South San Francisco metro area recovered greatly. If you’re one of the various tech minded entrepreneurs in the bustling San Francisco Bay Area, you may have seen your home price recover by 34.61% on average. But Denver, another tech-friendly city, has blown past others. The Denver-Aurora-Lakewood metro area of Colorado has more than recovered, posting a 49.29% home price recovery rate. The final trend you may have already noticed lies smack-dab in the middle of our map. Texas, the Lone Star State, enjoyed the benefits of an oil boom in the years after the Great Recession. The black gold rush in Texas helped five of its cities reach the top 10 list. The Austin-Round Rock, Houston-The Woodlands-Sugar Land and Dallas-Plano-Irving metros areas have all seen home prices recover by more than 40% each.
The metro areas around San Francisco and Denver have jumped far past their peaks. While Texas also pushes ahead, the North East, Florida and California lag behind. Many coastal metro areas still have some catching up to do.
The Ups and Downs of House Price Recovery pic.twitter.com/kUxJB8bJeo https://t.co/OSlyWw1BCh via @howmuch_net #dataviz #realestate #USA
— How Much (@howmuch_net) June 22, 2016
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Sources: Table 1
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