Median home price: $129,000

After five years of a brutal post-bubble price correction, Phoenix is rising from the dead.

"We have jobs," said Tanya Marchiol of Team Investments, a local real estate investing firm. "Not a lot of big markets like us that went through the bubble have so many jobs."

The unemployment rate in the metro area fell to 7.7% in November, a 1.1 percentage point improvement from 2010 and better than the national rate of 8.2%.

Home sales have been picking up, thanks to rock-bottom foreclosure bargains. During the fourth quarter, homes sold 27% faster than they did during the same period in 2010, according to

A four-bedroom, two-bath house in good condition is currently listed for under $80,000, a significant discount from the $200,000 or so it would have fetched during the 2006 peak, said Marchiol.

Even with sales volume and home prices solidifying, Phoenix buyers are not likely to become overnight real estate millionaires. Over the next five years, forecasting firm Fiserv expects local prices to rise at a steady but paltry 2.4% annual average rate.

By Les Christie @CNNMoney - Last updated February 01 2012: 10:55 AM ET
Join the Conversation
Find Homes for sale
  • Property Type
  • Find a home in:
    New York | Atlanta | Chicago | Los Angeles
    Washington D.C | Houston | Philadelphia | More options
Most Popular

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.