APRIL 22, 2014-The Boston Globe

It took the stock market five years to regain the highs it hit prior to the latest recession. But most Boston-area homeowners 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 similar in Boston, where the median value is up 9.3 percent over the same period, to $419,500.

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