Ah to have the glory days of 2008 back! Real estate prices were trending upward in double digits and mortgages were flying off the shelves like Twinkies in Zombieland. Unfortunately, those loose mortgage practices would also lead to a crash that we’ve slowly been climbing out from under.
So where are we at now? From a pricing standpoint growth is slow, but steady. Perhaps it’s more realistic, one might muse. It’s also very dependent on what area of the country you are looking at. Places with burgeoning economies are still seeing growth and in some places double digit upward trends have returned. Areas like Denver, Seattle and San Francisco are doing very well. Based on data from Trulia, 98% of homes in those markets have surpassed their pre-recession peak. Other, perhaps more surprising markets to do well have been Oklahoma City and Nashville, Tennessee.
For the markets I work in primarily in Northern New Jersey, growth rates have been modest, but steady. On the whole, we are seeing prices at about where they stood in and around 2003. Looking at countywide trends reported by the New Jersey Realtors Association:
- Bergen County rose from median prices of $508,850 in 2010 to $531,621 in 2015.
- Passaic county, 2010 prices averaged $340,614 and dipped to $334,274 by 2015. There has been a 3.2% growth in Passaic County in the last year, however.
- Morris county rose from $473, 205 in 2010 to $506,946 in 2015.
In most cases, full recovery is expected by 2025 at the latest. Standard & Poors has a nifty little map based on a study called, “The Case-Shiller Index” which can give you a good visual representation of where your area is at. I’ve attached the graphic here for your perusal:
Until next time, my friends. Happy property hunting!