Despite contrary reports in the mass media, a third of the 50 US States real estate markets are still appreciating at healthy levels, according to an in depth study conducted by Real Estate Add, an information driven website, which provides detailed information on real estate markets in all 50 states.
Seventeen of the nation’s states are still appreciating strongly, including seven states located in the southern portion of the country. The southern states are experiencing the largest migration of new residents in history.
The southeast is bolstered by warmer climates than the northern part of the country, causing an onslaught of new residents as US weather patterns change. Many businesses have moved or are planning on moving to the southeast.
Tennessee, Kentucky, South Carolina, North Carolina, and Alabama are still growing in population with new residents and are maintaining strongly appreciating local real estate markets.
Nashville, Tennessee is the nation’s home of country music, and Nashville has seen a rise in appreciation over the past three years unprecedented in its history. Nashville housing prices are forecast to appreciate nearly another 7% by the end of 2006.
But Memphis will appreciate a whopping 7. 7% by year’s end, according to the website’s economists.
South Carolina, however, may have one of the longest lasting and strongest appreciating housing markets in the nation. Many new businesses have been drawn to South Carolina through tax incentives, and many retirees are buying more affordable housing in South Carolina.
The Mississippi and Louisiana housing markets were dealt a severe blow by Hurricane Katrina nearly a year ago. But both states real estate markets have turned into strong buyers markets, where the shortages of housing have fueled a building boom, mainly confined to areas outside of the disaster zones.
The shortage of construction workers in both states, a lack of building supplies, and problems with insurance payoffs have contributed to a rebuilding slowdown.
In the nation’s northern tier of states North Dakota real estate is still appreciating, mainly because of it’s low cost of living and growing job markets in a handful of communities.
Idaho, Montana, Utah and Alaska are also still experiencing positive home appreciation. Alaska hasn’t seen a booming market like it is in Anchorage since the oil pipeline boom days of the 1970’s.
Boise, Idaho, selected by numerous publications as one of the best places to live in America, is also continuing to experience a housing market that has been appreciating for more than three years, and doesn’t show any signs of slowing down any time soon.
Utah is another western state that is under going unprecedented growth and appreciation. But of all the states in the nation that have experienced booms and busts in major urban real estate markets that could have slowed down already, Washington is still experiencing appreciation.
In Seattle it’s still a sellers market, despite rising interest rates and increasing inventories of homes and condos on the market. Across the Cascade mountain range in eastern Washington, Spokane has under gone a market of rising appreciation unlike anything it has experienced for 15 years. Spokane housing will appreciate another 7. 9% in 2006 on average.
Many states real estate markets have slowed down after 13 years of low interest rates. It may be difficult to determine just how strong many local real estate markets are. Real Estate Add surveys local markets on a regular basis for changes with information supplied by title companies, closing attorneys, lenders and real estate agents.