A real estate bubble or property bubble is a type of economic bubble that occurs periodically in local or global real estate markets and typically follow a land boom. Bubbles in housing markets are more critical than stock market bubbles. The financial crisis of 2007–2008 was related to the bursting of real estate bubbles that had begun in various countries during the 2000s.
According to the U.S. Census Bureau’s American Community Survey for both 2007 and 2017, lots of states have barely recovered from the housing crash. The housing market is still below its 2007 figures in several locations around the country.
The median house prices are now higher in 41 states plus Washington, DC than they were in 2007. The map itself reveals how underwhelming housing prices are. 22 states have seen values climb by 20% or less over the course of 10 years. Granted, prices have not only recovered but surged to double-digit increases in a few locations.
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