The S&P Case Shiller home price indices for September 2021 were released recently and showed that home prices nationally are now up 47% from their prior highs made during the housing bubble of the mid-2000s. And notably, all 20 of the individual cities/regions tracked by S&P Case Shiller have now eclipsed their prior housing bubble highs now that Chicago has finally moved above its prior high from September 2006. As shown below, home prices in Chicago are now 1% above those September 2006 levels.
Two cities — Dallas and Denver — have home price levels now that are 100%+ above their mid-2000 highs. Five more cities are up at least 50% from their prior housing bubble highs — Seattle, Portland, Charlotte, San Francisco, and Boston.
You can see Chicago home price levels based on the S&P Case Shiller indices just barely eclipsing their prior highs in the chart below:
The pandemic has of course been a huge boon for home prices across the country. Below is a look at how much home prices are up versus levels seen in February 2020 just prior to COVID. Prices in Phoenix are up the most post-COVID at 45%, followed by San Diego and Tampa at 35%. Las Vegas, Charlotte, Miami, Dallas, and Seattle have all seen prices rise by 30%+, while the remaining cities are all up between 19% and 27%. Chicago, New York, and DC have seen home prices rise the least, but even these three cities are up ~20% since COVID hit. Like this type of analysis? See more of it with a Bespoke Premium membership. Click here to learn more and start a two-week trial.