10 U.S. Cities People are Watching
Negative appreciation is a bummer and can make it seem like you will never sell your home. However, homeowners in 10 cities fortunate enough to make it on a recent list will see a brighter day if they can only hold on a little longer. These are the cities that, in terms of median single-family home prices, have “just about hit rock bottom and are on the way up,” according to The Creative Investor blog. In two years or less, it should be easy to sell your home in these markets and realize a profit. The list also might act as a cue to investors.
Not surprisingly, Texas is mentioned three times on the list - Austin, Houston and Dallas-Fort Worth. Texas real estate has been extremely affordable, though the market has been relatively liquid - particularly in Austin. There, tremendous population growth has kept home prices slightly above that of other Texas towns. At any rate, it is small wonder that home prices are expected to rise in Texas. You can hardly sell your home for less than current market conditions dictate. Prices have to go up in Texas!
The following list of projected median prices for single-family homes in 10 markets was compiled by Business 2.0 and Moody’s Economy.com:
Dallas-Fort Worth
Q1 2008: $151,930
Q4 2009: $161,690
Growth rate: 6.4 percent
Indianapolis
Projected median price of single-family homes:
Q1 2008: $122,940
Q4 2009: $130,630
Growth rate: 6.3 percent
New Orleans
Projected median price of single-family homes:
Q1 2008: $153,850
Q4 2009: $162,600
Growth rate: 5.7 percent
Atlanta
Projected median price of single-family homes:
Q1 2008: $177,750
Q4 2009: $187,640
Growth: 5.6 percent
Montgomery
Q1 2008: $140,020
Q4 2009: $147,690
Growth rate: 5.5 percent
Memphis
Projected median price of single-family homes:
Q1 2008: $143,550
Q4 2009: $150,730
Growth rate: 5.0 percent
Mobile
Q1 2008: $134,580
Q4 2009: $140,920
Growth rate: 4.7 percent
Austin
Q1 2008: $186,350
Q4 2009: $195,060
Growth rate: 4.7 percent
Houston
Q1 2008: $154,850
Q4 2009: $161,910
Growth rate: 4.6 percent
St. Louis
Q1 2008: $143,920
Q4 2009: $149,710
Growth rate: 4.0 percent
