Posted by: Marvin Remmich | March 14, 2011

6 Most Promising Real Estate Markets for 2011

Inman News recently released a list of 10 real estate markets to watch in 2011 based on housing, economic, and demographic data. Inman News took into account such factors as the area’s median sales price, unemployment rate, sales volume, and foreclosure activity.
Here are the top six cities that made the list:
1. Washington-Arlington-Alexandria, D.C.-Va.-Md.-W.Va.: The metro area was one of the few markets to see year-over-year gains in its home prices.
Median sales price (Q4 2010): $331,100
Median sales price % change (Q4 2009-Q4 2010: 8.1 percent
Foreclosure activity rate (2010): 1 in 49 units
2. Buffalo-Niagara Falls, N.Y.: This metro area for the last year has boasted a low delinquency rate and one of the lowest foreclosure rates in the country. It also has one of the fastest-rising median list prices in the nation.
Median sales price (Q4 2010): $126,500
Median sales price % change (Q4 ’09-Q4 ’10): 14.3 percent
Foreclosure activity rate (2010): 1 in 322 units
3. Des Moines, Iowa: The city has a low unemployment rate and one of the highest projected job growth rates for the third quarter of 2011.
Median sales price (Q4 2010): $151,300
Median sales price % change (Q4 ’09-Q4 ’10): 5.5 percent
Foreclosure activity rate (2010): 1 in 79 units
4. Portland-South Portland-Biddeford, Maine: The Maine community has plenty of reasons for making the list, including a low unemployment with projected job growth, a rising median sales price, and high affordability.
Median sales price (Q4 2010): $223,000
Median sales price % change (Q4 ’09-Q4 ’10): 8.3 percent
Foreclosure activity rate (2010): 1 in 150 units
5. Kennewick-Richland-Pasco, Wash.: Rising household income and a rise in the median price helped this Washington metro make Inman’s list.
Median sales price (Q4 2010): $183,000
Median sales price % change (Q4 ’09-Q4 ’10): 8.9 percent
Foreclosure activity rate (2010): 1 in 161 units
6. Fargo, N.D.-Minn.: This North Dakota community is becoming more desirable with its low unemployment (about 4 percent), which is lower than nearly any other state in the nation (the national average is about 9 percent).
Median sales price (Q4 2010): $148,500
Median sales price % change (Q4 ’09-Q4 ’10): 6.2 percent
Foreclosure activity rate (2010): 1 in 7,423 units

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