Neighborhoods with Home Prices on the Rebound

Between 2007 and 2008 -while the nation struggled with a faulting home sale market – 13 neighborhoods with active home sale markets across the country saw their home values more than DOUBLE.

For these neighborhoods, the year represented a rallying time when the declining values they experienced between 2006 and 2007 got back on track. For some, home sale prices are now equal to or above where they were in 2006 – for the rest, they are close. While fewer people bought homes in most of these neighborhoods in 2008, each area had active sales markets with over 50 sale transactions recorded in each year.

So, where are these places? Let’s take a look.

#1 Honolulu, Hawaii: Census Tract 23 – Up 352% since 2007

This section of Honolulu sits within zip code 96826 near the University of Hawaii at Manoa. The median home sale price in 2008 was $280,000 – significantly up from its 2007 low of $61,866 and back on track with its median price in 2006 of $245,000.

Median Sale Price			Number of Sales
2006	2007	2008	2006	2007	2008
$245,000	$61,866	$280,000	137	213	90

#2 Santa Fe County, New Mexico: Census Tract 1202 – Up 222% since 2007

This area in the City of Aqua Fria sits to the west of the College of Santa Fe. Here, home prices rose from a median of $73,416 in 2007 to $236,250 in 2008 – higher still than the 2006 median of $192,850.

Median Sale Price			Number of Sales
2006	2007	2008	2006	2007	2008
$192,850	$73,416	$236,250	74	114	66

#3 Greenville County, South Carolina: Census Tract 2103 – Up 210% since 2007

Pleasant Valley, in the City of Gantt, had a median home sale price in 2008 of $279,000 – significantly higher than both the 2007 median of $90,000 and the 2006 median of $110,950. The number of home sales also rose between 2007 and 2008 here.

Median Sale Price			Number of Sales
2006	2007	2008	2006	2007	2008
$119,950	$90,000	$279,000	148	114	128

#4 Honolulu, Hawaii: Census Tract 5 – Up 205% since 2007

The Kahala area in the southeast of Honolulu had a median home sale price in 2008 of $1.2 million – up from $404,800 in 2007 and almost on par with its median price of $1.4 million in 2006.

Median Sale Price			Number of Sales
2006	2007	2008	2006	2007	2008
$1,425,000	$404,800	$1,240,500	156	276	123

#5 Coshocton County, Ohio: Census Tract 9911 – Up 171% since 2007

This area sits to the west of Coshocton City and is east of Cleveland. It had a median home sale price of $95,000 in 2008 – up from $35,000 in 2007 and from $75,000 in 2006.

Median Sale Price			Number of Sales
2006	2007	2008	2006	2007	2008
$75,000	$35,000	$95,000	55	115	65

#6 Seminole County, Florida: Census Tract 21706 – Up 160% since 2007

This area to the west of Interstate 4 around Spring Lake saw homes sell for a median of $380,000 in 2008 – up from $146,000 in 2007 and from $149,200 in 2006. Home sale volume has, however, continually declined here since 2006.

Median Sale Price			Number of Sales
2006	2007	2008	2006	2007	2008
$149,200	$146,000	$380,000	198	73	50

#7 Allegany County, New York : Census Tract 950400 – Up 132% since 2007

This area near Rushford Lake sits midway between Buffalo New York and the PA/NY state line. Here, the median home sale price was $135,000 in 2008 – up from $58,270 in 2007 and $88,750 in 2006. The number of home sales in this area also rose between 2007 and 2008.

Median Sale Price			Number of Sales
2006	2007	2008	2006	2007	2008
$88,750	$58,270	$135,000	118	68	78

#8 DuPage County, Illinois: Census Tract 846205 – Up 126% since 2007

This area sits on the west end of the City of Naperville. Here, the median home sale price was $503,500 in 2008 – up from $222,500 in 2007 and close to its median sale price in 2006 of $542,500.

Median Sale Price			Number of Sales
2006	2007	2008	2006	2007	2008
$542,500	$222,500	$503,500	71	98	56

#9 Columbiana County, Ohio: Census Tract 9514 – Up 125% since 2007

This area outside of the City of Lisbon had a median home sale price of $55,000 in 2008 – up from $24,500 in 2007, although still down from a high of $93,000 in 2006. The number of home sales here rose between 2007 and 2008.

Median Sale Price			Number of Sales
2006	2007	2008	2006	2007	2008
$93,000	$24,500	$55,000	112	53	82

#10 Mecklenburg County, North Carolina: Census Tract 3107 – Up 119% since 2007

This neighborhood within the City of Charlotte had a median home sale price in 2008 of $93,250 – up from a low of $42,500 in 2007 and $50,000 in 2006.

Median Sale Price			Number of Sales
2006	2007	2008	2006	2007	2008
$50,000	$42,500	$93,250	196	171	80

#11 Tulsa County, Oklahoma: Census Tract 7613 – Up 110% since 2007

This neighborhood sits within the City of Tulsa near St. Francis Hospital. The median home sale price in 2008 was $151,105 – up from $72,000 in 2007 and almost on par with its 2006 median of $163,500.

Median Sale Price			Number of Sales
2006	2007	2008	2006	2007	2008
$163,500	$72,000	$151,105	136	136	97

#12 Fulton County, Georgia: Census Tract 95 – Up 107% since 2007

This area within Buckhead in Atlanta had a median home sale price of $950,000 in 2008 – up from $459,000 in 2007 but still off from its $1 million plus in 2006.

Median Sale Price			Number of Sales
2006	2007	2008	2006	2007	2008
$1,049,000	$459,000	$950,000	140	195	89

#13 Orange County, Florida: Census Tract 17501 – Up 106% since 2007

This area sits just north of Orlando along Lake Apopka in an area called Paradise Heights. Here, the median home sale price in 2008 was $185,000 – up from $90,000 in 2007 and only $60,000 in 2006.

Median Sale Price			Number of Sales
2006	2007	2008	2006	2007	2008
$60,000	$90,000	$185,000	282	234	202