Short answer. Median U.S. existing-home prices fell from $217,900 in 2007 to $166,200 by 2011 — a peak-to-trough decline of 23.7% in nominal terms.
The 2008–2011 housing-price decline was the largest in U.S. nominal history. Median existing-home prices fell 23.7% from the 2007 peak to the 2011 trough.
The Case-Shiller picture
The S&P/Case-Shiller National Home Price Index, which is repeat-sales-weighted and excludes new construction, showed an even larger peak-to-trough decline of about 27% over the same period — and worse drawdowns of 40–50% in epicenter markets like Las Vegas, Phoenix, and parts of California and Florida.
By city — the 2006-2012 drawdowns
- Las Vegas: -62%
- Phoenix: -55%
- Miami: -51%
- San Francisco: -46%
- Detroit: -44%
- Atlanta: -36%
- Chicago: -36%
- Boston: -19%
- Dallas: -7%
(Case-Shiller MSA indices, peak month to trough month)
How long did recovery take?
Median nominal prices regained 2007 levels by 2014. Real (inflation-adjusted) prices took until roughly 2017 to recover — and many epicenter MSAs took longer. Las Vegas did not regain its 2006 nominal peak until 2017; Phoenix until 2019.
The post-pandemic surge then pushed prices to $408,000 by 2024 — 87% above the 2007 nominal peak.
Sources
U.S. Census Bureau Survey of Construction; National Association of Realtors Existing Home Sales report; Freddie Mac Primary Mortgage Market Survey; National Bureau of Economic Research Business Cycle Dating Committee.