Homes.com’s Local Market Reports for November reveals 40 out of the top 100 markets measured continued to show a complete price recovery – up one market from October’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 has fully recovered, posting a rebound percentage of 100.21%. Additionally, the Midsized Markets Report for smaller markets (population rank from 101 to 300) highlights that 71 markets have rebounded more than 100%, which is the same count as last month. This brings the total to 111 (36%) of the U.S. markets achieving a full recovery. Markets that lost the least value during the Great Recession are rebounding the fastest. More than a third of small as well as large markets now have achieved full price recovery. Price recovery is reaching Main Street America, breathing life into local real estate markets.
Of the top 100 markets, 93 markets increased their three-month average index point change in November, up 35 markets from October and 26 markets from September. The seven markets that did not see increases over a three month average are located in the Northeast region, specifically in the New England area. In November, the monthly percentage gains ranged from a low of -0.27% to a high of 0.61% with Boise City, ID having the highest gain of 0.61% followed by Denver-Aurora-Lakewood, CO with a 0.51% gain. The year-over-year gains in November 2014 for the top ten markets ranged from a low of 5.11% to a high of 6.50%, which is similar to the range reported in last month’s report. When comparing the Top 100 Markets, the average YoY change in November 2014 was 3.77% versus the 8.86% YoY change seen in November of 2013. November 2013 was the peak of the YoY annual change, and has fallen since that point.
In November, the number of midsize markets posting three-month average gains was 177, which is up 44 markets from October’s report. Of the midsize markets, Rapid City, SD took the top spot annually and on a three-month average, at 8.79% and 1.82%, respectively. Seven of the ten top three-month average markets are from the Midwest, while two are from the West and one is from the South. Annually, the Midwest also dominates with six markets from that region. The remaining markets are located in the South and West. The average annual price appreciation for all mid-tier markets for November was 3.97%, down 53% from the average annual appreciation in November 2013, which was 8.38%. Both smaller and larger markets are rebounding at virtually the same pace.
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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!