The housing bubble and subprime crisis at the root of the 2008 recession battered homeowners with plunging prices, dumped gluts of unsellable inventory on once-booming markets and sent countless mortgages underwater. But for homeowners in a few select cities, the last decade has meant money in the bank.
GOBankingRates used data from Zillow to examine home values in 2007 compared to home values in 2017 for 100 cities across America. Exactly 10 of those cities saw an increase of 50 percent or more.
Click through to see where home values have increased the most during and after the Great Recession.
10-year change in home values: 53.4%
Last summer, Boston had one of the hottest housing markets in the country. According to the Boston Globe, “Greater Boston is several years into one of the strongest upswings the region has ever experienced.” Tens of billions of dollars have been invested in new construction in Beantown since 2012, but experts are predicting a slowdown is inevitable — and coming soon.
The problem is, no one knows how far it will set the city’s housing market back. Zillow is still calling it a hot seller’s market, with more buyers than sellers, which is evidenced in a high median listing price of $749,000 in a city where the median home value is $567,500.
10-year change in home values: 54.4%
Austin is one of the best cities for aspiring millennials homeowners, found a recent GOBankingRates study. According to Zillow, home values in Austin grew by 8.4 percent in the last year alone, and the city’s current hot housing market is expected to witness continued growth this year, albeit at a much slower pace of 2 percent.
According to The Statesman, that assessment might be understated. Both sales and median prices are rising throughout the region, and local real estate experts predict Austin is on the verge of experiencing its seventh consecutive year of record sales.
10-year change in home values: 54.5%
According to the Post-Gazette, Pittsburgh is bucking a national housing trend by adding houses on the market for sale. Also, construction of new homes has not declined in the western Pennsylvania city as it has in much of the rest of the country.
Zillow agrees that it’s a hot seller’s market and expects prices to continue to rise — but at a rate of 4.1 percent in the coming year as opposed to the whopping 9.6 percent increase the city experienced the previous year.
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San Jose, Calif.
10-year change in home values: 54.6%
“Insane,” “blowing up,” “crazy” — these are words used in a recent San Francisco Chronicle report to describe the San Jose housing market, which is predicted to be the hottest in the country this coming year.
The median home value in the Bay Area tech hot spot is now over $1 million, but that’s still cheap compared to neighboring San Francisco and San Mateo. And with companies like Apple and Google gobbling up land in San Jose, there’s no shortage of tech professionals flooding into the city to seek relief from high prices in the surrounding area while remaining close to their jobs.
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10-year change in home values: 54.8%
Zillow classifies Seattle’s housing market as very hot, citing a rise of 16.2 percent in home values over the last year and growth projected to continue at a healthy clip of 5.7 percent. The Seattle Times recently expanded on that sentiment by calling the city “the nation’s hottest housing market.”
Although the situation is expected to gradually cool, Seattle has led the nation in home-price increases for 14 consecutive months. And here’s a fun fact: Seattle is one of the cities with the most million-dollar homes for sale.
10-year change in home values: 58%
Home values in the Nashville region have soared 34 percent over the last four years, creating one of the country’s hottest markets. But according to the Tennessean, things are quickly cooling. And it appears that a real estate bubble could be looming on the horizon.
Zillow agrees, calling the market cold. The median selling price is more than $3,000 less than the city’s median home value of $244,800.
10-year change in home values: 59.5%
According to the Silicon Valley Business Journal, Fremont is “one of the healthiest markets in California for homeowners,” ahead of other Bay Area markets like Oakland and San Jose. In fact, it’s No. 1 in the state in combined terms of affordability, stability, risk of loss and fluidity.
Zillow classifies Fremont, which has a median home value of more than $1 million, as very hot, with values expected to rise another 4.8 percent in the coming year.
10-year change in home values: 60.7%
According to Zillow, the median home value in San Francisco is nearly $1.29 million and climbing. Not only is it among the most expensive cities in the country, but according to the San Francisco Business Times, it’s the single-most-competitive market for homebuyers.
Buyers there tend to have preapproval, prime credit and large down payments. Also, inventory there is plunging, putting an even greater squeeze on an already super-tight market.
10-year change in home values: 70%
The median home value in Aurora has crept to just over $305,000, according to Zillow, which classifies the city’s housing market as hot.
According to the Denver Post, the massive gains in home value the city has experienced in recent years are still chugging along, but now at a slower pace. The publication named Aurora’s City Center North area as one of “metro Denver’s hottest neighborhoods.”
10-year change in home values: 75.7%
No city’s 10-year gains can top those enjoyed by homeowners in Denver, but things are likely to cool off soon.
The Denver Post reported at the end of 2017 that both rent increases and gains in home prices are expected to “flatten” until they reach roughly the same 5 percent rate that’s common for the nation as a whole. Zillow classifies the once-scorching market as warm and predicts home values to rise just 3.3 percent in the coming year.
Methodology: GOBankingRates annualized home value data from December 2007 to December 2017, sourced from Zillow.