From the Philly Business Journal:
Since the real estate bubble burst during the Great Recession of 2007-2009, housing markets across the country have struggled to regain their footing. Philadelphia and its Pennsylvania suburbs have bounced back much stronger than other markets in the area, ranking inside the top 40 markets with the top gains in average home prices across the country.
FHFA converts each market’s home sales prices to a quarterly index, which is pegged to a 1991 value of 100 points. Any rise in the index corresponds to an overall increase in local prices. Any drop indicates that values are declining.
Our sister publication Buffalo Business First calculated 10-year changes for the nation’s 100 biggest markets. The Philadelphia market gained 22.54 points from the first quarter of 2007 to the corresponding period this year, yielding a gain of 9.5 percent in the value of a typical home.
Roughly a third of the top 100 markets (37, to be precise) are still underwater, with average house prices that are lower today than before the recession.
The nine metros with the strongest growth rates for home values are all located in rapidly expanding states in the South and West. Pittsburgh rounds out the top 10.
Other local areas haven’t bounced back nearly as well as the Philadelphia market, with the Wilmington market sliding down 11.8 percent, and the Camden market falling 21.7 percent in the same measurement period.