I’ve read that home prices have risen in some states. Have the boom areas of the 1990s and early 2000s truly recovered?
Our suburb was on the upswing when we bought in 1999.
Housing in other “better” suburbs had gotten so expensive that it was driving young families in and we were seeing signs of gentrification.
Alas, 2008 hit and the high numbers of foreclosures & short sales had a ripple effect.
Some large companies came in and began buying properties that were previously owner-occupied and offered them as rentals. Neighborhoods changed quickly.
It seems like home equity loans, when the market was much better, was fueling a lot of home improvements — so important in an area with houses that are 80-100 years old. We are seeing more neighborhood rot nowadays.
By the looks of things on Realtor.com, the previously hot suburbs (Chicago area) are heating up again.
Our old are in NE Ohio seems like it just recently bounced back to pre crash prices.
Our new area in the Chicagoland area seems like it recovered, but more recently plateaued because of higher taxes.
Houses are moving in my area and have reached pre-2008 levels in the past couple of years but haven’t surpassed them.
In certain cities on the west coast, the real estate prices are at historical highs (Seattle, Portland, SF, LA, San Diego, even Sacramento) but I do think we are in another housing bubble and woudn’t be surprised to have a 10-15% correction within the next 2 years.
Home prices don’t seem to change much here in NW Ohio. We recently purchase a home in Phoenix, where prices have really increased since 2008,
but nothing like these top 10 cities:
https://markets.businessinsider.com/news/stocks/how-americas-home-prices-have-fared-since-the-housing-crisis-2018-5-1024994866#10-atlanta-georgia1
Our neighborhood has still not bounced back. It’s been very discouraging.
depends on what market you are speaking of. SoCal prices, for example are up 50% since 2010 and exceed the previous high in 2005. I assume that the SF Bay Area is even higher.
Homes in my area are selling quickly again, but prices are not quite up to pre-crash level.
The prices in my retirement city in the southeast (no, not Florida!) are creeping up at a trotter’s pace but have not yet reached pre-2008 crash levels. Homes in the neighbor rose 15% during 2019 so far. However, prices in the quickly gentrifying neighborhoods are soaring.
Our seems to have. Our neighborhood is a little weird since it is most homes built in the 1920s. There were a few foreclosures and a few homes that are clearly occupied by people who are too old and too poor to be taking care of them properly. One on my street has a car with moss growing on it in the driveway. The stairs to the front door are a hazard. Someone comes from time to time to move the other two cars and trim the hedge, but it’s not going to sell for anything like what a well-kept up house would be. It’s too bad - it’s one of the few mid-century modern house around and it was probably stunning at one time. But houses with updated kitchens and bathrooms sell for as much as they did in 2008 and a handful for even more.
Home prices in the greater Seattle area at least doubled since 1999, and even during the peak they were not so high, maybe 1.5-1.7x 1999 prices, so very few underwater folks here. Some areas saw prices go 3-5x what they used to be in 1999.
We purchased our house between DC and Baltimore in 2006, and it appears to be worth $50-100K less than we paid then. Zillow says it’s worse than that, but realtor said probably 50-65K less. Fortunately we brought some equity to the table.
ETA - houses in our neighborhood doubled between about 2002 and 2006, and we probably paid more than just about anyone else for a very similar house. (NOT bragging - just happened to be purchasing at the wrong time).
Places we are considering for retirement, including Santa Fe NM and NC seem to have been going up in price, but I don’t know what they were during 2008.
In our area of the Phoenix suburbs, prices are nearly back to where they were at the height of the market. We bought in 2003. The value of our house nearly doubled, then fell back to about what we paid. Now it’s approaching the nearly doubled number again. I feel like it’s a bit of a bubble. Lots of flipping. We get calls and letters all the time offering to buy our house, probably at significantly less than full market value, we’ve never inquired, but offering a cash offer and a quick close.
We know people who lost their homes in the crash, who finally got the foreclosure off their credit record and were able to buy again in the last couple of years. I think that helps the market a bit too.
Where I live, the housing crisis barely registered, and prices today are 80% higher since 2008. It’s been a seller’s market for the past 15-20 years. The tiny bungalow we downsized into 4.5 years ago for 490K (1 day on the market, multiple offers, we bought it for $60K over asking) is now worth $650K+.
Only 12 houses on our street and very little turnover. But the neighbors just sold their house in less than a week. They got close to their asking price. These are 1980’s houses.
Ours is a 1995 house, and easily was the least expensive house on the street. We bought our land in 1993 at less than 1/2 what our neighbors paid. Our house is the same size and similar in quality inside.
I hope when we want to sell, we get close to our asking price in less than a week! Our asking price will be double what it cost us to buy the land and build the house. But we’ve been here 23 years.
We’re in the Bay Area and, honestly, it’s almost obscene how much house prices have risen. I feel badly for the younger generation that wants to buy a house who has a ‘regular’ job. Yes, there are those who work for start ups that go public or have very lucrative high tech jobs but there are a whole lot of people who don’t fit those profiles.
My parent’s home in a small NorCal town, in a county that lost jobs after 2008 has not recovered. They bought in the recession of the early '90s and in 2006 prices were about double that. I just got an offer for 10-15% more than they paid when they bought. Since this area grew dramatically in the '80s/'90s/'00s from Bay are flight, I was saddened to see that the same thing has not happened this boom.
Yes Silicon Valley is definitely at all time highs. An average four bedroom house that was say $1M in 2001 rose to about $1.5M in 2007, fell back to $1M in 2009 but is now about $2.5M. Double that in the nicest towns like Palo Alto or Los Altos. No way are my kids coming back here after college.
For ten long years my area was dead. Absolutely no growth, no nothing. Now we have new neighborhoods popping up all over and reseals are going fast.
We sold and bought (within the same geographic location) in 2013 and I was very fortunate to sell my home. We had it in mint condition and it was a sweet house in a prime location which is what I think made selling possible. We were able to get a great deal on a neighborhood we could have normally never afforded if the economy had been good. I remember the realtor telling us that she couldn’t give us any comps because nothing had sold in two years.