Top 25 Forecast Housing Markets
Two states with reputations for being some of the coldest places in the country dominate the Housing Predictor Top 25 housing markets for 2009. Montana placed all of its five forecast markets on the list, and neighboring North Dakota had 4 markets make the top 25 forecast to have the highest appreciation in home values during the year.
The Housing Predictor Top 25 Markets are selected from the more than 250 local housing markets forecast, and are projected to have the best probability of hitting their forecast appreciation. Eleven markets are forecast to experience some level of appreciation in 2009, making the top 25 markets. Fourteen other markets round out the Top 25 forecast to experience lower deflation than the majority of the country.
Bloomington, Illinois grabbed the #1 position forecast to appreciate 2.3% in average home values in 2009. Bloomington is the home to Illinois State University and the home offices of State Farm Insurance. Homes are taking longer to sell these days in Bloomington, but the market should remain as one of the nation’s exceptions with appreciation in 2009.
With one of the strongest job markets in the country Billings, Montana placed second on the list followed by Fargo, North Dakota.
They’ve dodged the bullet in the nation’s housing depression in North Dakota and Montana. During the boom mortgage companies didn’t offer creative new loan programs in either state much, which has acted to protect their housing markets from major deflationary cycles experienced in the majority of the country.
|Rank||Real Estate Market||2009 Forecast|
|12.||Great Falls, MT||−0.9%|
|16.||Grand Forks, ND||−1.1%|
|20.||Black Hills, SD||−2.1%|
|23.||Oklahoma City, OK||−2.9%|