DENVER — A decade since the housing market crashed, a new report from the real estate website Zillow found half of homes nationwide are now worth more than their pre-recession values.
Zillow's June housing numbers show even bigger gains for Denver. Here, 99.6 percent of homes are worth more than their pre-recession peak. Zillow said Denver's housing market was more stable when the recession hit, allowing the market to recover more quickly, and propelling housing prices in Denver to never before seen levels. In June, the median price of a home in Denver was $397,700. That's 65.6 percent higher than the median price at the peak of the housing bubble.
While many cities have seen large gains in home values, others are still struggling. In Las Vegas, one of the worst-hit cities when the housing bubble burst, less than 1 percent of homes have recovered their lost value.
The median home value nationwide is June was $217,300. That's 8.4 percent higher than pre-recession peak values.
According to Zillow, Condos and co-ops are struggling to make their way back to prior peaks, with just 38 percent having fully rebounded, compared with 52 percent of single-family homes.
Among the largest 50 metros, these nine experienced more than 95 percent of homes returning to or exceeding their pre-recession peak values:
- Denver, Colo. (99.6 percent)
- San Antonio, Texas (98.8 percent)
- Austin, Texas (98.7 percent)
- San Jose, Calif. (98.7 percent)
- Nashville, Tenn. (97.9 percent)
- Dallas (97.7 percent)
- Seattle (97.3 percent)
- Houston (97 percent)
- Salt Lake City (97 percent)
In six major metros, less than 10 percent of homes have recovered to their pre-recession peaks:
- Las Vegas (0.8 percent)
- Hartford, Conn. (3.7 percent)
- Orlando, Fla. (5.4 percent)
- Riverside, Calif. (6.5 percent)
- Baltimore (8.7 percent)
- Miami (9.6 percent)