By Heath Olinger
DALLAS, TX. – One of the top questions that most people have asked in the last year is if DFW home prices have reached pre-recession levels yet.
This is an excellent question to ask because just about every homeowner in the DFW area has seen their home increase in value over the last 5 years but the big question is if we’ve gotten back to where prices were before the start of the “Great Recession”?
Thanks to recent data from Zillow and Dallasnews.com we know that local home prices have 100% recovered from where they were before the beginning of the “Great Recession” and many properties in the area are now worth more than where they were before the start of the financial crisis.
Home prices in Dallas-Fort Worth hit their pre-recession peak in June 2007, when the median home sold for $158,000. Since then, median local home prices have gained almost 73 percent.
D-FW recovered so well partly because it didn’t lose that much ground, to begin with, said Zillow senior economist Aaron Terrazas.
“Dallas didn’t see the exaggerated bubble and bust cycle that a lot of other markets around the country saw,” he said in an email. “Home values only fell slightly during the recession, but have seen some of the strongest growth since then.”
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Planning on buying a home in the Dallas area? Contact me, Heath Olinger, Realtor® with Rogers Healey & Associates by calling me at (972) 523-1389 or click here to connect with me online.