They say Dallas is recession-proof, and a new real estate report backs up that sentiment. Online mortgage and loan resource center HSH.com reveals which metros have bounced back the most from the Great Recession — and Dallas is definitely up there.
Using data from the federal home price index from 1991 through the fourth quarter of 2015, HSH.com created a "home price recovery index." The data shows each market's pre-housing-crisis peak value, bottom value, and current housing value.
It should come as no surprise that Dallas-Plano-Irving places in the No. 5 spot among the metro areas that have recovered the most since the recession. Our housing market has continued to increase dramatically over the past couple of years, and because of this, home prices in Dallas are a whopping 35 percent above their pre-housing-crisis peak value. The current value is $235,080, compared to $172,900 before the recession. The Denver metro area has recovered the most, at 45.29 percent.
Most of the metro areas in our great state have experienced major recovery. Austin-Round Rock takes the No. 2 spot, with home prices that are a staggering 44 percent higher than the pre-recession peak. Houston-The Woodlands-Sugar Land is at No. 3, and Fort Worth-Arlington follows at No. 6. San Antonio was bumped from the top 10 by Honolulu and Oklahoma City.
To understand what these numbers mean for home prices, HSH.com offers a “home value estimator,” which allows homeowners to see how the price change in Dallas has affected the value of their home. And, as you may have already guessed, if you own property in Dallas, you can expect to see big numbers that indicate a great return on your investment.