Local Market Report

More than One-Third of Housing Markets Have Now Topped Peak Pricing!

Homes.com’s Local Market Reports for September reveals 39 out of the top 100 markets measured continued to show a complete price recovery – the same count in August’s report. A rebound of 100% or more means pricing for the market has surpassed its prior peak and reached full recovery. Provo-Orem, UT and Nashville-Davidson-Murfreesboro-Franklin, TN continues to tiptoe, rebounding at 99.82% and 99.23%, respectively. Additionally, the Midsized Markets Report for smaller markets (population rank from 101 to 300) highlights that 72 markets have rebounded more than 100%. Columbus, GA-AL has bounced back with a rebound percentage of 100.28% while Eau Claire, WI and Florence-Muscle Shoals, AL are new markets to rebound at 100.09% and 100.01%, respectively. This brings the total to 111 (37%) of the U.S. markets achieving a full recovery. Not only have a record number of markets exceeded their highest prices, the average rebound percentage for all 300 markets tracked by Homes.com that were impacted by the Great Recession reached 93.91% in September, a new record for the nation as a whole and evidence of the breadth of the recovery.

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Continued price growth in large and midsize markets during September helped drive the recovery. Of the top 100 markets, only 67 markets increased their 3-month average index point change in September. Of the midsized markets, only 147 markets increased over a 3 month average, up 6 markets from last month. Stockton-Lodi, CA had the largest 3 month average increase of 0.44%. For the fourth month in a row, Las Vegas-Henderson-Paradise, NV takes the top spot in annual index point change with an increase of 7.34%.
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Of the Midsized markets, Bend-Redmond, OR took the top spot annually and over a 3 month average at 8.38% and 0.51%. Of the top 3 month average gaining markets, 5 are from the West while 4 are from the Midwest and 1 from the South. Annually, 7 markets came from the West while 2 came from the Midwest and 1 from the South. Most markets in the West were hard hit by the recession, but are regaining their housing price momentum due to the expanding economy. Last month, the 3 month average percent range was between 0.57% and 3% and the annual percent range between 6% and 14%. This month, the percent ranges for both the 3 month average and annual have normalized to 0.41% to 0.51% and 6% to 8%, respectively.
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Could now be the time to buy or sell your home? Get more information about home value trends in your area in the Homes.com Local Market reports or check home values for your local area.

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Christine is the Content Marketing Coordinator for Homes.com. She's a small town girl at heart, who currently lives in Norfolk, VA with her husband and their fur baby. When she's not working, she enjoys cooking, decorating, traveling, and binge watching Netflix. As a proud Virginia Tech alum, she also loves cheering on the Hokies!