The 5 Best (and Worst) Housing Markets of 2008

Zillow's recent report also outlined the housing markets that had performed the best—and the worst—in 2008 so far.

Thirty of the 163 metropolitan statistical areas (MSAs) covered in the Zillow Real Estate Market Reports showed gains in the Zillow Home Value Index, or median value of all homes in the area, over the first three quarters of the year, with the Jacksonville, N.C. region seeing year-over-year appreciation of 4.9 percent. The change in value was calculated by averaging the year-over-year change in each of the first three quarters of the year.

Also performing well were the Winston-Salem, N.C. and Anderson, S.C. MSAs, with year-over-year increases of 4.1 percent and 3.5 percent, respectively, over the first three quarters of the year.

MSAs with Best-Performing Housing Markets of 2008

City	%Change: Q1-Q3 2008 from Q1-Q3 20074	Zillow Home Value Index Q3	Annualized Five-year change in value (Q3)
Jacksonville, N.C.	4.9%	$139,261	9.7%
Winston-Salem, N.C.	4.1%	$136,854	2.8%
Anderson, S.C.	3.5%	$101,816	2.6%
State College, Penn.	3.4%	$206,995	5.3%
Burlington, N.C.	3.1%	$121,356	0.6%

 

The Stockton, Calif. region fared the worst in the first three quarters of 2008, with home values sliding 32.3 percent year-over-year. The Merced, Calif. area followed with home values declining 31.2 percent year-over-year in the first three quarters of 2008.

MSAs with Worst-Performing Housing Markets of 2008

City	%Change: Q1-Q3 2008 from Q1-Q3 20074	Zillow Home Value Index Q3	Annualized Five-year change in value (Q3)
Stockton, Calif.	-32.3%	$210,179	-3.8%
Merced, Calif.	-31.2%	$167,282	-3.6%
Modesto, Calif.	-30.4%	$197,368	-2.7%
Salinas, Calif.	-30%	$373,900	-3%
Vallejo-Fairfield, Calif.	-27.8%	$276,418	-3%