Prices lag behind market changes, whether they are going up or down. Even though the market statistics point to a decidely Seller's Market, Seller's are slow to increase prices.
Areas that will likely increase in value faster than others are where prices have been the most depressed. Newer homes also tend to appreciate faster than older homes.
If any Realtor or agent tells their client any house will appreciate in 5 yrs, in Tucson, AZ they would not be living up to their fiduciary duties, as they have no way of knowing. I am sure if you asked agents, Realtors this same question 6 years ago majority would have said yes. We have been declining since.
Seriously in my opinion just about anywhere in the Tucson area will have some appreciation over the next 5 years. Currently our average sales price is up from last year. Our average days on market are down. And our inventory is declining. This is a good sign that our market is starting to shift.
Short sales and REO properties still control the market however as those start to fade away our prices are naturally going to increase.