Home Values Stable in Smaller Cities
New census data released in November reveals that when the recession ended, home values had not yet reached rock bottom. In fact, after the recession ended in 2009, median home values continued to plummet another $17,300 before finally rising again in 2011.
However, there has been a steady, significant increase in median home prices since the 2011 trough. While U.S. home values have not returned to the values seen in 2006, the great news is that they are slowly on their way back to normal levels.
And there is more great news for the Augusta area – smaller cities are faring better than their larger counterparts as far as home value recovery is concerned. The map below shows the difference between home values pre-recession and after.
Cities with home values that have returned to normal values are indicated in green. In most large cities, like Atlanta, home values are struggling to return to healthy levels. However, like most smaller cities, the Augusta area is in the green, meaning median home values have returned to pre-recession levels.By: Kelly Ann Blanchard Source: NAR