Metropolitan Statistical Area (MSA):
There is no doubt that the housing market in the Garden City, KS metropolitan statistical area (MSA) has been on a roller coaster ride over the past few years. After hitting an all-time high in 2006, home prices began to plummet in 2007 and 2008 as the subprime mortgage crisis unfolded. By 2009, prices had fallen by nearly 30% from their peak, and many homeowners found themselves "underwater" - owing more on their mortgages than their homes were worth.
The good news is that prices have begun to rebound in recent years, thanks in part to low interest rates and an improving economy. In fact, according to the latest data from Zillow, the median home value in Garden City is now $136,000 - up nearly 5% from last year.
Looking ahead, it's difficult to say where prices will go next. However, given the current trends of low interest rates and strong job growth, it's reasonable to expect that home values will continue to rise in the Garden City MSA over the next 12 months.
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