This housing market has many people talking about home values; where they are and where they are headed. It’s also interesting to look back and see how home prices compare to values prior to the housing crisis.

Every quarter, Freddie Mac releases their House Price Index. The index usually provides monthly home values for:

  • the nation as a whole
  • each of the 50 states
  • 367 metropolitan statistical areas

This quarter, the report also included a look at today’s home values as compared to Pre-2008 values. Here is a graphic that breaks down the numbers on a state-by-state basis:

Real Estate Values Today Compared to Pre-2008 Peak | MyKCM

National and Statewide studies are interesting....but as we all know, Real Estate is Local.  So we decided to take it a step further and look at how Median Home Sale Price has changed here in South Jersey from the Second Half of 2007 (2H07) to the First Half of 2016 (1H16). *Methodology Included Residential Single Family & Condominium Homes Only.

Mainland/Offshore Communities:

City2H071H16% Change
Linwood$352,500$200,000-43%
Northfield$255,750$177,000-31%
Somers Point$250,000$157,800-37%
Egg Harbor Twp$260,000$178,000-32%
Absecon$233,000$148,500-36%
Galloway Twp$232,000$150,000-35%
Hamilton Twp$200,000$119,900-40%
Hammonton$230,000$151,905-34%
Pleasantville$170,000$50,000-71%

Shore Communities:

Atlantic City$215,000$51,750-76%
Brigantine$400,000$255,000-36%
Ventnor$327,500$200,000-39%
Margate$495,000$421,800-15%
Longport$1,234,500$870,000-30%
Ocean City$500,000$475,000-5%