Have Prices in Your Neighborhood Recovered?

Have Prices in Your Neighborhood Recovered?

Friends often ask me “has the market turned around in my neighborhood?”  Our brokerage recently examined this question in detail.  To do it, we looked at sales of several regions mapped in the MLS and compared them to where they were before the market recession.  The results of the research are graphed below.  I also included the MLS map so you could find your neighborhood.

One difficulty in this process is that we were stuck with the areas as mapped by the MLS.  Of course in each area there are certain neighborhoods that are really high quality, and others that are dumps, so the averages of an area is just that — an average of the good, the bad, and the ugly.  Nevertheless, the graph illustrates that many areas have recovered, and many are actually well above the previous market peak and setting new value records.

If you want an analysis of your particular neighborhood just contact me and I can pull it together for you.

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