Business

Change in median home value in Boston Metro area

Change from peak (Sep. 2005) to March 2014. Prices include condos, co-ops, and single-family homes.

-35%
+25%

It took the stock market 5 years to regain the highs it hit prior to the Great Recession. But most homeowners in the Boston area are still waiting for their properties to be worth what they were in September 2005, before the real estate bubble burst.

In Boston and its immediate neighbors, the recovery is well underway. The median value of a home in Cambridge is $547,700, or 23.6 percent higher than it was in 2005, according to data from the real estate website Zillow. The story is the same in Boston, where the median value is up 9.3 percent during the same time period, to $419,500.

But the overheated core masks the sluggish recovery in the rest of Eastern Massachusetts. Values are above 2005 levels in just 22 of 151 communities in the region. In struggling cities and smaller towns that usually top the list of desirable communities, values remain far from peak levels.

Zillow projects values in the region will rise just 0.3 percent in the next year, well below the 3.3 percent rise expected nationally.

DATA: Zillow, Inc.

Chiqui Esteban / Globe Staff

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