If you’ve been keeping up with the state of real estate as of late, you might have the impression that the U.S. real estate market as a whole is terrible and that home prices are falling faster than a skydiver without a parachute (unless you happen to be in the market for an extravagant luxury penthouse).
However, your friends at Movoto are here to reassure you and let you know that rising home values aren’t a thing of the past. In fact, some metro markets in areas of the country are seeing tremendous growth right at this very moment, and have been for the past 5 years.
Inman News recently reported that Zillow, the online real estate valuation and search company, utilized their home-value estimates and their Zillow Home Value Index in order to release a list of the top 10 metro markets that have undergone the most significant gains in home values over the past 5 years. During that time, all of these booming metro areas have gained anywhere from 0.6% to 16.9% in estimated value and anywhere from $667 to $21,444 in estimated dollar value. (Click here to view their methodology on how they reached these numbers.)
A large number of these growing markets (8 out of 10, to be precise) are located in Southern states, but that doesn’t mean other regions are exempt from growth as well — for example, one market is situated in upstate New York, while the other outlier is based in the Pacific Northwest.
Here now are the top 10 U.S. metro markets with rising home values. If you’re a home buyer looking for a home that’s going to keep (or even increase) its value in the years to come, then consider these locations!
Photo: http://www.inman.com/news/2011/09/2/10-metros-with-greatest-5-year-gain-in-real-estate-values
Jacksonville, NC
July 2011 Zillow Home Value Index: $148,099
ZHVI 5 years ago: $126,655
Value difference (by percent): 16.9%
Value difference (in dollars): $21,444
Photo: http://www.inman.com/news/2011/09/2/10-metros-with-greatest-5-year-gain-in-real-estate-values?page=0%2C1
Fayetteville, NC
July 2011 Zillow Home Value Index: $113,978
ZHVI 5 years ago: $102,373
Value difference (by percent): 11.3%
Value difference (in dollars): $11,605
Photo: http://www.inman.com/news/2011/09/2/10-metros-with-greatest-5-year-gain-in-real-estate-values?page=0%2C2
Oklahoma City, OK
July 2011 Zillow Home Value Index: $111,737
ZHVI 5 years ago: $101,532
Value difference (by percent): 10.1%
Value difference (in dollars): $10,205
Photo: http://www.inman.com/news/2011/09/2/10-metros-with-greatest-5-year-gain-in-real-estate-values?page=0%2C3
Tulsa, OK
July 2011 Zillow Home Value Index: $111,398
ZHVI 5 years ago: $101,802
Value difference (by percent): 9.4%
Value difference (in dollars): $9,596
Photo: http://www.inman.com/news/2011/09/2/10-metros-with-greatest-5-year-gain-in-real-estate-values?page=0%2C4
Yakima, WA
July 2011 Zillow Home Value Index: $132,263
ZHVI 5 years ago: $127,746
Value difference (by percent): 3.5%
Value difference (in dollars): $4,517
Photo: http://www.inman.com/news/2011/09/2/10-metros-with-greatest-5-year-gain-in-real-estate-values?page=0%2C5
New Orleans, LA
July 2011 Zillow Home Value Index: $150,834
ZHVI 5 years ago: $146,799
Value difference (by percent): 2.7%
Value difference (in dollars): $4,035
Photo: http://www.inman.com/news/2011/09/2/10-metros-with-greatest-5-year-gain-in-real-estate-values?page=0%2C6
Rochester, NY
July 2011 Zillow Home Value Index: $120,269
ZHVI 5 years ago: $117,817
Value difference (by percent): 2.1%
Value difference (in dollars): $2,452
Photo: http://www.inman.com/news/2011/09/2/10-metros-with-greatest-5-year-gain-in-real-estate-values?page=0%2C7
Little Rock, AR
July 2011 Zillow Home Value Index: $122,387
ZHVI 5 years ago: $120,585
Value difference (by percent): 1.5%
Value difference (in dollars): $1,802
Photo: http://www.inman.com/news/2011/09/2/10-metros-with-greatest-5-year-gain-in-real-estate-values?page=0%2C8
Johnson City, TN
July 2011 Zillow Home Value Index: $110,588
ZHVI 5 years ago: $109,409
Value difference (by percent): 1.1%
Value difference (in dollars): $1,179
Photo: http://www.inman.com/news/2011/09/2/10-metros-with-greatest-5-year-gain-in-real-estate-values?page=0%2C9
Morristown, TN
July 2011 Zillow Home Value Index: $114,814
ZHVI 5 years ago: $114,147
Value difference (by percent): 0.6%
Value difference (in dollars): $667
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Stephanie Huskey is the resident real estate blogger for Movoto and thinks that the abbreviation “ZHVI” should absolutely be allowed in Scrabble. (So many points!) Interested in getting her advice on your blog? She’s currently seeking guest blogging opportunities so she can share her knowledge with new communities! You can find her over here at Elance.com.
