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While home values across the U.S. are still down 13.5% from their housing boom peaks, prices in these major cities have not only recovered, they have risen past their pre-crash peak, according to Zillow.
With 4 of the 7 cities in our list belonging to the state of Texas, I’m sure many a reader will wonder why they didn’t buy in Texas a few years ago. Who knew?
Since the housing boom peak, Texas is benefiting from a diversified, growing job market, which includes government services, health care, energy and financial services industries. An influx of workers to fill jobs has increased demand for housing, boosting home prices to rise past their peak.
San Jose: Home values in San Jose climbed by more than 13% in the 12 months ended in March, according to Zillow, driven mainly by tech industry growth.
Pittsburgh: Historically considered a steel town, Pittsburgh has seen dramatic revitalization recently, as the city diversified into other industries, such as tech, robotics, health care, and nuclear engineering. As a result, crime and poverty are both down. Median family income has risen by about 12% since 2008.
Denver: Jobs in mining, energy, construction, health care and other industries — as well as a great lifestyle, have made Denver a hotspot for newcomers. Housing prices have increased a whopping 26% last year alone, according to the local real estate board.
Here’s our list:
Dallas, TX
Home value now*: $143,200
Housing boom peak: $146,300
Houston, TX
Home value now*: $156,100
Housing boom peak: $142,100
Denver, CO
Home value now*: $245,200
Housing boom peak: $235,700
Pittsburgh, PA
Home value now: $118,900
Housing boom peak: $107,300
San Antonio, TX
Home value now*: $153,700
Housing boom peak: $145,500
San Jose, CA
Home value now*: $759,100
Housing boom peak: $742,000
Austin, TX
Home value now*: $221,300
Housing boom peak: $192,600
Source: Zillow, CNN.com