Few can forget the market crash of 2008 when the real estate bubble burst and housing prices dropped all over the country. But those prices may finally be recovering, based on recent data compiled by HowMuch.net. The website’s latest infographic shows that over the last 10 years, 41 out of the 50 states have seen an increase in median house value.
According to the map, which uses numbers from the U.S. Census Bureau’s American Community Survey in 2007 and 2017, the vast majority of states are experiencing higher housing prices, including Washington, D.C. The only ones that have lower prices are Arizona, Califonia, Connecticut, Florida, Illinois, Maryland, Nevada, New Jersey, and Rhode Island. Nevada has the largest decrease in prices, dropping a little over 17 percent.
In some states, however, the increases in value have been quite significant. Take North Dakota, for instance, where the median house price is now $194,700, up a staggering 82.3 percent from 2007, which experts attribute primarily to the growing market for shale fracking. Other states that have seen large jumps are Colorado (49.2 percent), Texas (42.4 percent) and Montana (36.1 percent), as more and more millennials move to popular cities like Denver or Austin.
But while many prices may have gone up, the rate at which they’re increasing is minimal. In fact, for almost half of the states, the growth in house value over the last decade has been a mere 20 percent or less. Only nine states have a median house price of over $300,000, with those areas primarily being the west coast in California, Oregon and Washington along with the east coast in states like Connecticut, Maryland, Massachusetts, New Jersey and New York.
And unfortunately, the upward trend may not continue. The National Association of Realtors predicted that real estate sales in 2018 will be down a total of 3.1 percent from last year and that 2019 will see a similar decrease.