After nearly a decade of inching upwards, the national median home value finally surpassed pre-recession levels. According to Zillow Research, in March, the Zillow Home Value Index (ZHVI) hit $197,100, passing the pre-recession peak of $196,600 from April 2007.

Since the recession, the national average has risen year-by-year, increasing 7.3 percent between April 2016 and April 2017. Alongside the national average, all of the top 35 metro centers saw ZHVI increases, although some greater than others. Seattle, Dallas, Tampa, Fla., Detroit and Orlando, Fla., led the pack, rising 9.9 percent or more from April 2016. Houston, Washington, D.C., Baltimore and San Jose, Calif., saw the smallest gains, all improving less than 4 percent in the last year. 

But the ZHVI is just an average and as such, some markets have fared better and others far worse.

Denver’s housing market, for example, bounced back much quicker than the rest of the nation. Home values in Denver returned to their pre-recession levels of $235,900 in March 2013 and have continued to rise. In April—driven by population growth, limited new housing supply, job growth and wage gains—Denver’s median home value had grown to $366,000, a 54 percent increase from their bubble-era peak.

On the other hand, there is Las Vegas—a city that appears well on its way to recovery, but in fact is the furthest behind. Home values have been on the rise since 2012 and outpaced the national median this year, rising 9.7 percent. In April, the median home value in Las Vegas was $220,700 well above the $198,000 national average. And yet, home values are still 27.6 percent below their May 2006 peak of $304,700.

But Las Vegas is not alone. The median home values remain below their bubble-era peaks in Orlando, Fla. (down 20.2 percent from peak), Miami (17.9 percent), Phoenix (14.7 percent) and St. Louis (6.2 percent).