From Staff Reports
According to the U.S. Census Bureau’s American Community Survey, many states have barely recovered from the housing crash in 2007 when the real estate bubble burst, a data visualization HowMuch.net revealed.
“In fact, the housing market is still below its 2007 figures in several locations around the country,” the cost information website said of a comparison of 2007 data and 2017 data.
The website’s analysts looked created a way to see before-and-after snapshots of the housing market before and after the Great Recession.
“Before the housing bubble burst, the most affordable housing market was sandwiched in the middle of the country between the expensive West and East Coasts,” the article explained. “Stretching from North Dakota ($106,800) down to Texas ($120,900), housing prices were relatively cheap. California was the most expensive state on the mainland where the typical house cost an eye-popping $532,300.”
Median house prices are now higher in 41 states (plus Washington D.C.) than 2007. However, 22 states had their values climb by 20 percent or less in the last decade. In states that haven’t recovered (like Nevada, where homes are still 17.1 percent lower than they were before 2007), housing prices remain below pre-recession levels.
“Other states like Rhode Island (-12.0%), Connecticut (-11.7%) and New Jersey (-10.0%) similarly remain below their pre-Recession levels,” the article said.
Prices have recovered and even posted double-digit increases in some areas, including Texas, which posted a 42.4 percent increase in housing prices in the last 10 years. In 2007, the median home price in Texas was $120,900. By 2017, that price was $172,200.