Home Values in These Cities Have Grown the Most Since the Last Recession
Home values have more than doubled in some places.
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Home prices reached their lowest point in 2012 following the Great Recession — and many Americans who purchased homes during this time now are reaping the rewards.
Redfin analyzed 1.4 million homes purchased across 138 markets in 2012 to see how much home equity and home values have risen among these homes from then through September 2019. Redfin found that median home values across the U.S. have risen 52%; however, in some cities, home values have increased by even more. These are the top 25 cities where home values have gone up the most since the recession.
Last updated: Nov. 14, 2019
25. Sebastian, Florida
- Median Home Sale Price in 2012: $145,000
- Median Current Home Value: $256,000
- Median Home Value Dollar Growth (2012 to 2019): $111,000
- Median Home Value Percent Growth (2012 to 2019): 77%
As Redfin’s data shows, Florida was a good place to be a homebuyer in 2012 — Sebastian is one of nine metro areas in the Sunshine State to make this ranking.
24. Deltona, Florida
- Median Home Sale Price in 2012: $127,000
- Median Current Home Value: $225,000
- Median Home Value Dollar Growth (2012 to 2019): $98,000
- Median Home Value Percent Growth (2012 to 2019): 77%
While home values grew by 77% in Deltona between the recession and now, the median home equity grew by 202%.
23. Orlando, Florida
- Median Home Sale Price in 2012: $140,000
- Median Current Home Value: $248,000
- Median Home Value Dollar Growth (2012 to 2019): $108,000
- Median Home Value Percent Growth (2012 to 2019): 77%
Some metro areas experienced total home equity growth in the billions between 2012 and 2019, and Orlando is among them. The total equity growth in the home to Disney World over these years was $2 billion.
22. Tampa, Florida
- Median Home Sale Price in 2012: $139,000
- Median Current Home Value: $247,000
- Median Home Value Dollar Growth (2012 to 2019): $108,000
- Median Home Value Percent Growth (2012 to 2019): 78%
The median home equity in Tampa increased from $53,000 in 2012 to $171,000 in 2019 — a 223% rise.
21. Sacramento, California
- Median Home Sale Price in 2012: $233,000
- Median Current Home Value: $419,000
- Median Home Value Dollar Growth (2012 to 2019): $186,000
- Median Home Value Percent Growth (2012 to 2019): 80%
Like Florida, California has nine metro areas on this list. Sacramento has the lowest median home value percent growth compared to the other California cities, but 80% still makes for a nice return on a real estate investment.
20. Salem, Oregon
- Median Home Sale Price in 2012: $164,000
- Median Current Home Value: $295,000
- Median Home Value Dollar Growth (2012 to 2019): $131,000
- Median Home Value Percent Growth (2012 to 2019): 80%
In addition to the large increase in home values, Salem saw a major jump in median home equity as well — 781% from 2012 to 2019. The Oregon city had the fifth-largest median percent home equity growth over that time frame compared to all of the other metro areas analyzed.
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19. Punta Gorda, Florida
- 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%
In Punta Gorda, the median home equity jumped from $71,000 in 2012 to $184,000 in 2019.
18. Santa Rosa, California
- Median Home Sale Price in 2012: $360,000
- Median Current Home Value: $652,000
- Median Home Value Dollar Growth (2012 to 2019): $292,000
- Median Home Value Percent Growth (2012 to 2019): 81%
Santa Rosa is one of the top 10 metro areas with the biggest dollar home equity growth from 2012 to 2019 — $350,000 from the recession until today. Most of the cities with the biggest dollar home equity growth since the recession are in California.
17. Lakeland, Florida
- Median Home Sale Price in 2012: $110,000
- Median Current Home Value: $200,000
- Median Home Value Dollar Growth (2012 to 2019): $90,000
- Median Home Value Percent Growth (2012 to 2019): 82%
In Lakeland, the median home equity rose from $40,000 in 2012 to $154,000 in 2019.
16. Detroit
- Median Home Sale Price in 2012: $100,000
- Median Current Home Value: $182,000
- Median Home Value Dollar Growth (2012 to 2019): $82,000
- Median Home Value Percent Growth (2012 to 2019): 82%
The median percent home equity growth from 2012 to 2019 in the U.S. overall was 261% — in Detroit, it was 505%.
15. Fort Lauderdale, Florida
- Median Home Sale Price in 2012: $151,000
- Median Current Home Value: $277,000
- Median Home Value Dollar Growth (2012 to 2019): $126,000
- Median Home Value Percent Growth (2012 to 2019): 83%
The total home equity growth from 2012 to 2019 in this Florida city was $2.77 billion.
14. Port St. Lucie, Florida
- Median Home Sale Price in 2012: $137,000
- Median Current Home Value: $251,000
- Median Home Value Dollar Growth (2012 to 2019): $114,000
- Median Home Value Percent Growth (2012 to 2019): 83%
The median home equity in Port St. Lucie jumped from $65,000 in 2012 to $189,000 in 2019.
13. Salinas, California
- Median Home Sale Price in 2012: $341,000
- Median Current Home Value: $623,000
- Median Home Value Dollar Growth (2012 to 2019): $282,000
- Median Home Value Percent Growth (2012 to 2019): 83%
Salinas is one of the top 10 metro areas with the biggest dollar home equity growth from 2012 to 2019, with a median home equity growth of $322,000.
12. Greeley, Colorado
- Median Home Sale Price in 2012: $186,000
- Median Current Home Value: $343,000
- Median Home Value Dollar Growth (2012 to 2019): $157,000
- Median Home Value Percent Growth (2012 to 2019): 84%
Greeley is one of the top 10 metro areas with the biggest median percent home equity growth from 2012 to 2019 with a 1,067% increase. The median home equity rose from $18,000 to $210,000 over this time period.
11. Seattle
- Median Home Sale Price in 2012: $356,000
- Median Current Home Value: $669,000
- Median Home Value Dollar Growth (2012 to 2019): $313,000
- Median Home Value Percent Growth (2012 to 2019): 88%
Seattle saw the second-largest total home equity gains in dollars of all the metro areas analyzed by Redfin, with an $8 billion gain from 2012 to 2019.
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10. Bend, Oregon
- Median Home Sale Price in 2012: $225,000
- Median Current Home Value: $427,000
- Median Home Value Dollar Growth (2012 to 2019): $202,000
- Median Home Value Percent Growth (2012 to 2019): 90%
While the median home value in Bend rose 90% from 2012 to 2019, the median home equity percent growth over that time was 311%.
9. Palm Bay, Florida
- Median Home Sale Price in 2012: $129,000
- Median Current Home Value: $247,000
- Median Home Value Dollar Growth (2012 to 2019): $118,000
- Median Home Value Percent Growth (2012 to 2019): 91%
Of all the Florida metro areas analyzed in this study, Palm Bay saw the largest increase in median home values since the recession.
8. San Francisco
- Median Home Sale Price in 2012: $700,000
- Median Current Home Value: $1.34 million
- Median Home Value Dollar Growth (2012 to 2019): $644,000
- Median Home Value Percent Growth (2012 to 2019): 92%
In addition to being one of the metro areas where median home values increased the most since the recession, San Francisco is the metro area with the biggest dollar home equity growth from 2012 to 2019. The median home equity increased by $741,000 over that time period.
7. Oakland, California
- Median Home Sale Price in 2012: $439,000
- Median Current Home Value: $845,000
- Median Home Value Dollar Growth (2012 to 2019): $406,000
- Median Home Value Percent Growth (2012 to 2019): 92%
At $7.9 billion in total equity growth, Oakland comes in at No. 3 among the metro areas with the most total equity growth in dollars from 2012 to 2019.
6. Las Vegas
- Median Home Sale Price in 2012: $138,000
- Median Current Home Value: $272,000
- Median Home Value Dollar Growth (2012 to 2019): $134,000
- Median Home Value Percent Growth (2012 to 2019): 97%
The median home value in Sin City has nearly doubled since the recession.
5. San Jose, California
- Median Home Sale Price in 2012: $609,000
- Median Current Home Value: $1.21 million
- Median Home Value Dollar Growth (2012 to 2019): $596,000
- Median Home Value Percent Growth (2012 to 2019): 98%
San Jose ranks No. 4 among the metro areas with the most total equity growth in dollars from 2012 to 2019, with $7.61 billion. The heart of Silicon Valley also ranks No. 2 for metro areas with the biggest dollar home equity growth over that time period with the median home equity rising $669,000.
4. Reno, Nevada
- Median Home Sale Price in 2012: $190,000
- Median Current Home Value: $390,000
- Median Home Value Dollar Growth (2012 to 2019): $200,000
- Median Home Value Percent Growth (2012 to 2019): 105%
Not only has the median home value more than doubled in Reno since 2012, but its median home equity has more than quadrupled with a 414% increase since the recession. It’s risen from $56,000 in 2012 to $288,000 in 2019.
3. Stockton, California
- Median Home Sale Price in 2012: $177,000
- Median Current Home Value: $366,000
- Median Home Value Dollar Growth (2012 to 2019): $189,000
- Median Home Value Percent Growth (2012 to 2019): 107%
Stockton has the third-highest median home value percent growth from 2012 to 2019 of the cities analyzed in this study, and it also is one of the top 10 metro areas with the biggest median percent home equity growth from 2012 to 2019. The median home equity rose 643% over this time period.
2. Vallejo, California
- Median Home Sale Price in 2012: $203,000
- Median Current Home Value: $428,000
- Median Home Value Dollar Growth (2012 to 2019): $225,000
- Median Home Value Percent Growth (2012 to 2019): 111%
California cities dominated Redfin’s ranking, so it should come as no surprise that a locale in the Golden State saw the second-highest median home value percent growth of the metro areas analyzed.
1. Modesto, California
- Median Home Sale Price in 2012: $151,000
- Median Current Home Value: $320,000
- Median Home Value Dollar Growth (2012 to 2019): $169,000
- Median Home Value Percent Growth (2012 to 2019): 112%
Modesto tops this ranking with a 112% increase in median home values since the recession. It’s also the No. 6 metro area in terms of the biggest median percent home equity growth from 2012 to 2019 with a 769% increase.
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About the Author
Gabrielle Olya
Gabrielle joined GOBankingRates in 2017 and brings with her a decade of experience in the journalism industry. Before joining the team, she was a staff writer-reporter for People Magazine and People.com. Her work has also appeared on E! Online, Us Weekly, Patch, Sweety High and Discover Los Angeles, and she has been featured on “Good Morning America” as a celebrity news expert.
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