Home Values in These Cities Have Grown the Most Since the Last Recession
If you were old enough to realize the impact of the housing crash of 2008 and how it plunged the U.S. into what has been dubbed "the Great Recession" in 2009, you may find yourself a little nervous when home prices seem to rise and rise without ceasing.
While experts do not anticipate another bubble that could lead to a similar crash, due to revised lending practices among other reasons, those people who purchased their homes in or around 2009 and held onto them have reaped the rewards in home equity. Certain states, like California and Florida have a number of cities on this list where home values have skyrocketed in these 14 years, some well above the median home value of $327,390.
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GoBankingRates looked at the 500 largest housing markets according to Zillow's February 2023 data, to collect data about the values of a single family residence in 2009 and in 2023, as well as the percent and dollar value changes. These are the top 25 cities where home values have gone up the most since the recession.
25. Victorville, California
June 2009 Home Value: $140,969
February 2023 Home Value: $401,548
Median Home Value Dollar Growth (2009 to 2023): $260,579
Median Home Value Percent Growth (2009 to 2023): 184.85%
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24. Phoenix, Arizona
June 2009 Home Value: $142,265
February 2023 Home Value: $405,266
Median Home Value Dollar Growth (2009 to 2023): $263,002
Median Home Value Percent Growth (2009 to 2023): 184.87%
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23. San Tan Valley, Arizona
June 2009 Home Value: $141,921
February 2023 Home Value: $406,480
Median Home Value Dollar Growth (2009 to 2023): $264,559
Median Home Value Percent Growth (2009 to 2023): 186.41%
Pictured: Chandler, Arizona
22. Dallas, Texas
June 2009 Home Value: $109,213
February 2023 Home Value: $313,594
Median Home Value Dollar Growth (2009 to 2023): $204,381
Median Home Value Percent Growth (2009 to 2023): 187.14%
21. Covington, Georgia
June 2009 Home Value: $95,619
February 2023 Home Value: $276,220
Median Home Value Dollar Growth (2009 to 2023): $180,601
Median Home Value Percent Growth (2009 to 2023): 188.88%
Pictured: Atlanta, Georgia
20. Atlanta, Georgia
June 2009 Home Value: $137,584
February 2023 Home Value: $402,030
Median Home Value Dollar Growth (2009 to 2023): $264,446
Median Home Value Percent Growth (2009 to 2023): 192.21%
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19. Madera, California
Median Home Sale Price in 2012: $125,000
Median Current Home Value: $226,000
Median Home Value Dollar Growth (2012 to 2019): $101,000
Median Home Value Percent Growth (2012 to 2019): 81%
Pictured: Fresno, California
18. Rialto, California
June 2009 Home Value: $179,345
February 2023 Home Value: $525,678
Median Home Value Dollar Growth (2009 to 2023): $346,332
Median Home Value Percent Growth (2009 to 2023): 193.11%
Pictured: San Bernardino, California
17. Cape Coral, Florida
June 2009 Home Value: $130,372
February 2023 Home Value: $383,209
Median Home Value Dollar Growth (2009 to 2023): $252,837
Median Home Value Percent Growth (2009 to 2023): 193.94%
16. Sunnyvale, California
June 2009 Home Value: $667,827
February 2023 Home Value: $1,979,143
Median Home Value Dollar Growth (2009 to 2023): $1,311,316
Median Home Value Percent Growth (2009 to 2023): 196.36%
15. Homestead, Florida
June 2009 Home Value: $139,436
February 2023 Home Value: $414,841
Median Home Value Dollar Growth (2009 to 2023): $275,405
Median Home Value Percent Growth (2009 to 2023): 197.51%
Pictured: Miami, Florida
14. Buffalo, New York
June 2009 Home Value: $65,190
February 2023 Home Value: $197,566
Median Home Value Dollar Growth (2009 to 2023): $132,375
Median Home Value Percent Growth (2009 to 2023): 203.06%
13. Hemet, California
June 2009 Home Value: $135,762
February 2023 Home Value: $412,012
Median Home Value Dollar Growth (2009 to 2023): $276,250
Median Home Value Percent Growth (2009 to 2023): 203.48%
12. Huntsville, Alabama
June 2009 Home Value: $84,865
February 2023 Home Value: $257,800
Median Home Value Dollar Growth (2009 to 2023): $172,936
Median Home Value Percent Growth (2009 to 2023): 203.78%
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11. Peris, California
June 2009 Home Value: $161,517
February 2023 Home Value: $490,994
Median Home Value Dollar Growth (2009 to 2023): $329,478
Median Home Value Percent Growth (2009 to 2023): 203.99%
Pictured: Riverside, California
10. Lithonia, Georgia
June 2009 Home Value: $87,003
February 2023 Home Value: $265,936
Median Home Value Dollar Growth (2009 to 2023): $178,934
Median Home Value Percent Growth (2009 to 2023): 205.66%
9. St. Petersburg, Florida
June 2009 Home Value: $115,281
February 2023 Home Value: $355,245
Median Home Value Dollar Growth (2009 to 2023): $239,964
Median Home Value Percent Growth (2009 to 2023): 208.16%
8. Stockton, California
June 2009 Home Value: $135,965
February 2023 Home Value: $420,732
Median Home Value Dollar Growth (2009 to 2023): $284,767
Median Home Value Percent Growth (2009 to 2023): 209.44%
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7. Merced, California
June 2009 Home Value: $117,565
February 2023 Home Value: $366,010
Median Home Value Dollar Growth (2009 to 2023): $248,444
Median Home Value Percent Growth (2009 to 2023): 211.32%
6. Miami Gardens, Florida
June 2009 Home Value: $126,465
February 2023 Home Value: $405,497
Median Home Value Dollar Growth (2009 to 2023): $279,032
Median Home Value Percent Growth (2009 to 2023): 220.64%
5. San Bernardino, California
June 2009 Home Value: $140,021
February 2023 Home Value: $453,649
Median Home Value Dollar Growth (2009 to 2023): $313,629
Median Home Value Percent Growth (2009 to 2023): 223.99%
4. Fort Pierce, Florida
June 2009 Home Value: $81,424
February 2023 Home Value: $272,069
Median Home Value Dollar Growth (2009 to 2023): $190,645
Median Home Value Percent Growth (2009 to 2023): 234.14%
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3. Richmond, California
June 2009 Home Value: $186,005
February 2023 Home Value: $637,202
Median Home Value Dollar Growth (2009 to 2023): $451,197
Median Home Value Percent Growth (2009 to 2023): 242.57%
2. LeHigh Acres, Florida
June 2009 Home Value: $67,222
February 2023 Home Value: $252,472
Median Home Value Dollar Growth (2009 to 2023): $185,250
Median Home Value Percent Growth (2009 to 2023): 275.58%
1. Kansas City, Kansas
June 2009 Home Value: $40,019
February 2023 Home Value: $163,853
Median Home Value Dollar Growth (2009 to 2023): $123,834
Median Home Value Percent Growth (2009 to 2023): 309.44%
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Jordan Rosenfeld contributed to the reporting of this article.
This article originally appeared on GOBankingRates.com: Home Values in These Cities Have Grown the Most Since the Last Recession