DENVER – Denver’s hot housing market has recovered better from the great recession and housing crisis than any other city in the country, according to a new report from real estate website Zillow.
The site found that nearly all homes in the metro area – 99.5 percent of them, in fact – have surpassed their pre-recession peak values. Zillow compared its own “Zillow Home Value Index” data for the same properties in April 2006 – before home values started crashing – and July 2017.
The typical Denver home is now worth 57.3 percent more than it was before the recession hit, according to Zillow, with a median value of $371,100. That’s the biggest collective increase of any major U.S. city.
Other cities that have seen strong gains include Dallas, Texas; Nashville, Tennessee; Portland, Oregon and Raleigh, North Carolina.
Not all major cities have recovered from the housing crisis, however. In Las Vegas, for example, fewer than 1 percent of homes have surpassed their pre-recession values, with the typical home worth about 25 percent less than it was in 2006, according to Zillow.
Use the chart below to see how Denver compares to other cities:
The numbers are great news for those who work in real estate or for anyone who’s looking to sell their home, but they’re not great news for anyone who wants to buy a home right now.
Just last week, a report from HSH found that an individual or household needs to pull in more than $80,000 a year in order to afford the median home in the Denver metro area.
It’s a similar problem for renters, as rents have climbed about three percent in the past year to a median of $1,350 for a 2-bedroom.
To read the full report, log on to Zillow.com.