The article Home Prices By Metro Area lists 292 individual metropolitan areas and it gives the change in home values for the past quarter, 1 year and 5 year periods. The article was from August so its a little old now but its not too far out of date.
For the past 5 years:
72% of home markets saw home values increase over 20%.
41% of markets had increases over 35%.
Only 5 cities had decreases in value and all 5 of them are in Michigan.
The average increase for the 292 markets was 32.9%
The highest increase was 83.5% in Honolulu and the biggest decrease was -11% for Detroit.
Other interesting points :
The 10 cities with the largest 1 year declines all have 5 year increases of at least 8%. And half of them have 5 year increases over 30%. For example the Riverside California market dropped 22.9% in the 1 year period but was still up 47% for the 5 year period.
As a generalization the areas with the biggest 1 year decreases also have large 5 year increases. California, Florida and Nevada have had large boom and bust cycles.
Michigan and Ohio have had some of the worst markets in both the 1 and 5 year periods. There are 22 cities with decreases in the past year and less than 10% increase in 5 years. Of those 22 total there are 12 cities in Michigan and 5 in Ohio.
October 16, 2008
70% of metro markets have seen home prices increase over 20% in the past 5 years
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real estate