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                  News & Views

Could It Be? Rising Home Values In The United States?

Determining The Value Of Your Home In Today’s Market

Finding Home Values Online

How To Get The Most Value For Your Home In Today’s Market

How To Stay Afloat During Times Of Declining Home Values

Five Steps To Getting An Accurate Appraisal

Most Metro Area Homes See Price Gains Since Last Year

 

 

 


 

 

 
 
 
   
 


Could It Be? Rising Home Values In The United States?

We hear so much about the failing economy, rising unemployment and the failure of our elected representatives to fix our problems. And then we hear that home values continue to drop nationwide. But there are times when statisticians seem to paint gloomy pictures with too broad a brush. The truth is that in some markets, markets that may actually be a surprise to many, home values are on the rise.

Some might say that markets have fallen so far for so long that they’d have no other way to go but up. But hey, why split hairs? At this point we’ll take what we can get. Let’s take a look at a few that are moving on up.

Massachusetts

Massachusetts is an excellent example of a market recovering from historic lows. And it would seem that by contrast, the rise in home values is just as dramatic as the decline was, at least in Lexington. Prices in this history-rich town have risen more than 14 percent in the last year.

It’s not surprising that Lexington has led the region in rebounding home values. One of the reasons is that the town is home to one of the finest school systems in New England. On yet another high note, the demand for lower priced real estate is growing rapidly in this historic town as well.

Missouri

University, Missouri is a suburb of St. Louis with an unusual distinction. This town has two causes for bragging rights. It seems that home prices have not only risen by 26 percent over the last year, but that inventory has also increased along with those rising prices. The median home price in the region is just above the $190,000 mark and sellers are asking and getting more each month, driving home values northward.

California

There’s a famous novel that starts with the line, it was the best of times, it was the worst of times. Rather than discussing the novel, A Tale of Two Cities, I’m referencing the phrase as an apt description for real estate values in California. It’s true that much of the state is still in the pits with regard to falling home values but there are bright spots too.

Sunnyvale of Silicon Valley along with Poway and the prosperous city of Arcadia, just northwest of greater Los Angeles are all experiencing growth spurts. These three cities combined have had real estate prices jump more than 25 percent since January of 2009 and they’re still going strong.

More Bright Spots

But rising home values are not just confined to these three states. Pennsylvania has seen some promising activity as well. Home sales are up in Pittsburg where prices are affordable for folks earning the medium family income of $62, 500. And there’s more good news in Pittsburg. Foreclosures are down significantly. Home values are projected to rise by nearly three percent in 2010. That may seem like a modest gain but in light of home prices dropping almost everywhere else in the U.S., Pittsburg appears to be thriving by comparison.

And the good news keeps on coming. Columbus, Ohio has a healthy employment environment and consequently the surrounding suburbs are experiencing a modest rise in home values. Louisville, Kentucky is another area with an extremely low foreclosure rate and is enjoying its own mini boom. With costal vacation destinations nearby locals are hopeful the growth spurt continues.

The following is a short list of locations that are bucking the national trend of declining home values:

  • Indianapolis, Indiana
  • Minneapolis, Minnesota
  • Saint Louis, Missouri
  • Pittsburg, Pennsylvania
  • Lexington, Massachusetts
  • Arcadia, California

With these locations enjoying rich to moderate appreciation in home values, lets hope that the rest of the country soon follows suit.

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