Are Home Prices Rising in Your Market?
I'm always interested in seeing the list of predictions and prognostications for the new year and found one put out by Clear Capital Home Data Index. Taking into account economic factors such as unemployment rates, foreclosure rates and the number of bank owned properties, they put together an analysis of the 50 largest U.S. real estate markets. This recapped the last years pricing ups and downs and also forecasts home value trends for 2011. Most of the news is not encouraging. Out of these 50 communities, 35 are expected to see pricing continue to trend downward. On the list of markets expected to rise, Columbus Ohio is number five. I'll take that good news.
Don't forget that Columbus is a big community. As we slowly emerge from this real estate depression, some communities will make larger gains at a faster rate than others. All real estate is local, distinct, and dynamic. Westerville's market will look different from that of Worthington. Pickerington will look different from Pataskala. Even within a given community, price gains and market activity will vary from neighborhood to neighborhood. Contact me directly by phone or web and I will be happy to send you specific market information for your subdivision.
Here is the list of the top 10 markets predicted to rise in value and the top ten markets to fall in value in 2011.
Top Ten Markets On Their Way Up In 2011:
1. Washington, DC: 6.5% price increase y/y
2. Houston, TX: 3.6% price increase y/y
3. Honolulu, HI: 3.4% price increase y/y
4. Memphis, TN: 3.2% price increase y/y
5. Columbus, OH: 2.1% price increase y/y
6. Dallas, TX: 1.4% price increase y/y
7. New York, NY: 1.3% price increase y/y
8. Birmingham, AL: 0.9% price increase y/y
9. Pittsburgh, PA: 0.8% price increase y/y
10. New Orleans, LA: 0.5% price increase y/y
Top Ten Markets On Their Way Down In 2011:
1. Virginia Beach, VA: 12.8% price decrease y/y
2. New Haven, CT: 11.9% price decrease y/y
3. Tucson, AZ: 11.9% price decrease y/y
4. Dayton, OH: 11.7% price decrease y/y
5. Jacksonville, FL: 10.5% price decrease y/y
6. Phoenix, AZ: 9.4% price decrease y/y
7. San Francisco, CA: 9.3% price decrease y/y
8. Detroit, MI: 7.7% price decrease y/y
9. Oklahoma City, OK: 7.6% price decrease y/y
10. Tampa, FL: 7.4% price decrease y/y
This information is provided by Mickey DiPiero at www.HomeFactGuide.com 614-804-5600.
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