10 Real Estate Markets to Watch in 2012

Inman News, in a report released today, highlights 10  metro areas that data suggest are set to outshine many other markets in real estate performance this year.

The markets, which stretch from New York to Texas  and include metros with populations above 150,000, were selected and ranked  based on a range of demographic, economic and real estate market data, including real estate sales volume and median sales price appreciation.

Among the findings in this report, researched and written by Inman  News reporter Andrea V. Brambila:

  • Three of the 10 markets on this list are state  capitals, and both Illinois markets benefit  from proximity to that state’s capital, Springfield. Four of the markets:  Bloomington-Normal and Peoria in Illinois as well as Des Moines-West Des Moines and Waterloo-Cedar Falls  in Iowa, are  no more than 300 or so miles from each other.
  • Nine of 10 markets had median sales prices below the  national median in the third quarter of 2011.
  • Where affordability rankings were available, the  markets on the list had no less than 73.6 percent of homes affordable to those  households earning the area’s median income in the third quarter.
  • All had unemployment, foreclosure, and vacancy rates  lower than the national average. None of the markets had unemployment rates  higher than 7.9 percent. All had lower shares of distressed sales than the  national average.
  • Only two of the markets had populations above 1  million, and three had populations above 500,000. The remainder had populations  below that figure, but above a minimum 150,000.
  • As in last year’s report, jobs in the public sector as  well as the health care industry were major employers in most markets. This  year, however, nine out of 10 markets also counted manufacturing companies  among primary employers. Technology companies, energy providers, and  universities also boosted many markets.

The Top 10 Are:

1.) Raleigh-Cary, N.C.

Total population (2010): 1,130,490
Median sales price (Q3 2011): $224,300
% ch. median sales price (Q3 2010-Q3 2011): 7.3%
Sales volume (# units sold Nov. 2010-Oct. 2011): 12,156
% ch. sales volume (Nov. 2010-Oct. 2011 vs. Nov. 2009-Oct. 2010): -39.8%
Sales per population (Nov. 2010-Oct. 2011): 1 sale per 93 people
Unemployment rate (Nov. 2011): 7.8%
Foreclosure activity rate (Nov. 2011): 1 in 1,295 units
Walk Score: 40

2.) Wichita, Kan.

Total population (2010): 623,061
Median sales price (Q3 2011): $120,900
% ch. median sales price (Q3 2010-Q3 2011): 5.5%
Sales volume (# units sold Nov. 2010-Oct. 2011): 9,002
% ch. sales volume (Nov. 2010-Oct. 2011 vs. Nov. 2009-Oct. 2010): -10.8%
Sales per population (Nov. 2010-Oct. 2011): 1 sale per 69 people
Unemployment rate (Nov. 2011): 7.1%
Foreclosure activity rate (Nov. 2011): 1 in 958 units
Walk Score: 41

3.) Rochester, N.Y.

Total population (2010): 1,054,323
Median sales price (Q3 2011): $123,400
% ch. median sales price (Q3 2010-Q3 2011): 1.4%
Sales volume (# units sold Nov. 2010-Oct. 2011): 11,240
% ch. sales volume (Nov. 2010-Oct. 2011 vs. Nov. 2009-Oct. 2010): -18.6%
Sales per population (Nov. 2010-Oct. 2011): 1 sale per 94 people
Unemployment rate (Nov. 2011): 6.9%
Foreclosure activity rate (Nov. 2011): 1 in 4,001 units
Walk Score: 63

4.) Des Moines-West Des Moines, Iowa

Total population (2010): 569,633
Median sales price (Q3 2011): $157,900
% ch. median sales price (Q3 2010-Q3 2011): 0.8%
Sales volume (# units sold Nov. 2010-Oct. 2011): 7,448
% ch. sales volume (Nov. 2010-Oct. 2011 vs. Nov. 2009-Oct. 2010): -25.4%
Sales per population (Nov. 2010-Oct. 2011): 1 sale per 76 people
Unemployment rate (Nov. 2011): 5.3%
Foreclosure activity rate (Nov. 2011): 1 in 863 units
Walk Score: 48

5.) Chattanooga, Tenn.-Ga.

Total population (2010): 528,143
Median sales price (Q3 2011): $128,700
% ch. median sales price (Q3 2010-Q3 2011): 7.3%
Sales volume (# units sold Nov. 2010-Oct. 2011): 6,109
% ch. sales volume (Nov. 2010-Oct. 2011 vs. Nov. 2009-Oct. 2010): -18%
Sales per population (Nov. 2010-Oct. 2011): 1 sale per 86 people
Unemployment rate (Nov. 2011): 7.5%
Foreclosure activity rate (Nov. 2011): 1 in 973 units
Walk Score: 37

6.) Peoria, Ill.

Total population (2010): 379,186
Median sales price (Q3 2011): $132,600
% ch. median sales price (Q3 2010-Q3 2011): 11.1%
Sales volume (# units sold Nov. 2010-Oct. 2011): 4,533
% ch. sales volume (Nov. 2010-Oct. 2011 vs. Nov. 2009-Oct. 2010): -17%
Sales per population (Nov. 2010-Oct. 2011): 1 sale per 84 people
Unemployment rate (Nov. 2011): 7.9%
Foreclosure activity rate (Nov. 2011): 1 in 23,468 units
Walk Score: 47

7.) Amarillo, Texas

Total population (2010): 249,881
Median sales price (Q3 2011): $131,000
% ch. median sales price (Q3 2010-Q3 2011): 2.7%
Sales volume (# units sold Nov. 2010-Oct. 2011): 4,748
% ch. sales volume (Nov. 2010-Oct. 2011 vs. Nov. 2009-Oct. 2010): -13.5%
Sales per population (Nov. 2010-Oct. 2011): 1 sale per 53 people
Unemployment rate (Nov. 2011): 5.1%
Foreclosure activity rate (Nov. 2011): 1 in 1,890 units
Walk Score: 44

8.) Binghamton, N.Y.

Total population (2010): 251,725
Median sales price (Q3 2011): $120,500
% ch. median sales price (Q3 2010-Q3 2011): 10.6%
Sales volume (# units sold Nov. 2010-Oct. 2011): 2,172
% ch. sales volume (Nov. 2010-Oct. 2011 vs. Nov. 2009-Oct. 2010): -15.2%
Sales per population (Nov. 2010-Oct. 2011): 1 sale per 116 people
Unemployment rate (Nov. 2011): 7.7%
Foreclosure activity rate (Nov. 2011): 1 in 4,268 units
Walk Score: 61

9.) WaterlooCedar Falls, Iowa

Total population (2010): 167,819
Median sales price (Q3 2011): $118,100
% ch. median sales price (Q3 2010-Q3 2011): 6.8%
Sales volume (# units sold Nov. 2010-Oct. 2011): 3,680
% ch. sales volume (Nov. 2010-Oct. 2011 vs. Nov. 2009-Oct. 2010): 3.3%
Sales per population (Nov. 2010-Oct. 2011): 1 sale per 46 people
Unemployment rate (Nov. 2011): 5%
Foreclosure activity rate (Nov. 2011): 1 in 1,014 units
Walk Score: 42

10.) Bloomington-Normal, Ill.

Total population (2010): 169,572
Median sales price (Q3 2011): $161,800
% ch. median sales price (Q3 2010-Q3 2011): 4.1%
Sales volume (# units sold Nov. 2010-Oct. 2011): 1,526
% ch. sales volume (Nov. 2010-Oct. 2011 vs. Nov. 2009-Oct. 2010): -37%
Sales per population (Nov. 2010-Oct. 2011): 1 sale per 111 people
Unemployment rate (Nov. 2011): 6.8%
Foreclosure activity rate (Nov. 2011): 1 in 1,376 units
Walk Score: 46

Article Courtesy of Inman News

 

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