The question has dominated discussion since early 2016, when the property-tracking website Zillow released its first-quarter results, and then again in early 2017.
After years of rapid growth in the US housing market, the stock market had plunged by around 30% during the third quarter.
Zillows analysts said the downturn in property values could hurt sales, especially in the city of Boston, which had a median price of $1.4m in the first quarter.
The housing crash in the 1990s was one of the first times in US history that the housing market plunged.
Zestimates on how much of that price drop could be attributed to the property crash have varied wildly.
Some experts think the number of foreclosures is likely to exceed 3 million, and many people who had homes during the housing boom are now in a tough financial position.
But others say that number could be far lower.
The US Bureau of Labor Statistics estimates that the median US household is worth $72,000.
That’s about $30,000 less than the median for the entire US population in 2020.
The most recent data for US housing prices from the US Bureau the Bureau of Economic Analysis (BEA) shows that the country’s median home is worth about $200,000 more than the $1m it was in 2010.
The average price of a home in Boston was $1,037,700 in 2019.
It’s been the same price for almost a decade now.
The city of San Francisco, where prices were even higher in the 1980s and 1990s, has seen a sharp decline in home prices over the past two decades, according to real estate website Zumper.
“San Francisco’s median price dropped about 60% since 1980,” Zumper says.
“It’s actually not that surprising, because San Francisco is very wealthy.”
It’s the same story in San Jose, California, where the median home price is $1 million more than it was five years ago.
“Home prices have been falling in San Francisco for five years,” said Zillowing.
“We’ve seen a significant increase in sales activity, but sales are still below where they were in the late 2000s.
And the market has been suffering.
People are feeling the pinch.”