A report by the online real estate database company Zillow showed the Houston housing market is bouncing back from the 2008 financial crash at a much higher rate than both the state and national averages.
According to the findings, home values in Houston prior to Hurricane Harvey were 14 percent higher than their pre-recession peak, placing Houston #7 among the 100 largest metropolitan areas and #4 among Texas cities.
Statisticians measured the “resiliency” of a local housing market by evaluating the peak median home value prior to the recession and comparing it to the current median home value.
According to the Zillow report, the peak median home value prior to 2008 was $158,300 (in 2017 dollars), while the current median home value is $180,000, a 14 percent increase over the pre-recession peak.
The entire state of Texas also showed its ability to bounce back from the devastating housing crash of 2008, with the same report showing the peak median home value in Texas before the recession at $155,400 (in 2017 dollars).
Currently, the median home value is $169,500 – an increase of nine percent over the pre-recession peak.
Experts agree these statistics are even more remarkable when compared to the nationwide average, which shows not every part of the country is recovering from the crash in the same way.
The report further showed the peak median home value in the U.S. before the recession was $232,400 (in 2017 dollars), while the current median home value is $200,700 – only 86 percent of the pre-recession peak.
These statistics do not take into account the damage done to thousands of homes from Hurricane Harvey.
The true test of resiliency, however, both in the people and in the market, will be seen in the months and years to come, as the region recovers and rebuilds.