Housing Recovery UpdatePosted on 07/23/14
Since the housing recovery’s start roughly three years ago, the question remains: how much further do we still have to go before all local markets, including the Northwest Florida real estate market, have regained the value lost in the recession?
According to Zillow, the housing recovery is “still very much in its middle stages.” On average, national home values remain roughly 11 percent below their peak before the crash and are expected to rise 4 percent through the second quarter of 2015. In short, Zillow’s Home Value Forecast predicts another 2.7 years before home values reach their pre-recession levels.
This is great for bargain hunters who are looking to buy a home, but has potential to dishearten sellers who would like to break even. The good news is, that Destin, Panama City and Pensacola metros continue to pace well above the national averages. Year over year, home index values along Florida’s Gulf Coast are up roughly 5.7 percent.
For a deeper analysis on your local real estate market, contact a RE/MAX Southern agent today.