While many reports show that home prices in many markets surpassed their previous peak, Trulia’s new study shows this is just the average, and more homes than not have yet to recover their full value lost in the recession.

When it comes to individual homes, the U.S. housing market has yet to recover, according to the study. It shows just 34.2% of homes reached values surpassing their pre-recession peak.

While a full 98% of homes in Denver and San Francisco surpassed their pre-recession peaks, this is not the case across other metros in the U.S. In Las Vegas and Tucson, Arizona, for example, less than 3% of homes reached their pre-crisis peaks.

The study studied property-level home value recovery nationally and in the 100 largest metro areas by comparing the nominal value of each home as of March 1st to the nominal peak value of that home prior to the onset of the Great Recession, December 1, 2009. If the current value was greater than the pre-recession peak, the study considered that home to have recovered.

Since the recession, the share of homes that reached their pre-crisis levels has risen about five or six percentage points each year. At this rate, the study shows the market won’t see 100% of homes reach their pre-crisis levels until about September 2025.

This map shows the percentage of homes that recovered their pre-recession peak value by zip code:

Click to Enlarge

(Source: Trulia)