Well, I think it's great when people ask about statistical information with regard to the market. I've just recently been looking closely at all of the general and specific information about all of the factors that need to be considered when answering your question. i'm going to try NOT to be too wordy here!!! :)
While our absorption rate is showing we may be on the tipping point of a seller's market again, and the other pluses and minuses are in the right places with regard to price increases and inventory decreases, we're still not out of the woods.
I am CAUTIOUSLY optimistic about where the numbers are headed, BUT (and I can't stress this enough) BUT we don't have a crystal ball. We, as experts in our industry of real estate never dreamed we'd be where we are now. So, to say we can effectively prognosticate about where the market will be in 3-5 years is a set up for failure.
Real estate is a LONG TERM investment that you can live in, unlike stocks. :)
Your question about growth is important in our market. In many areas of the Minneapolis / St. Paul metro area we are seeing prices edging up. In other words the bottom of the market has come and gone in many areas. To answer your questions specifically we use a tool called a Price / Trend Analysis that looks at a micro market, usually a quarter mile radius around the target property, that tells us (and you) what is likely to happen in that area. I believe that ours is the only company on the Metro area that uses this tool. It has proven to be invaluable to buyers and sellers.
The other question to ask yourself is how much money you can save (make) by purchasing at the bottom of the market at today's historically low interest rates. Our buyers today are overjoyed at the low prices and low interest rates. We make sure they are purchasing in areas that are trending up.
As for Vadnais Heights I can tell you prices have been mostly flat, and that is not expected to change. Since I live in this city I am monitoring them on a regular basis.
We have a higher median value compared to much of the rest of the metro, and the price points 200k and above will still lag behind the much lower price points in my professional opinion. It is very challenging to determine when the move-up buyer will come back into the market. Much depends on this and employment growth. For right now cash buyers & First time buyers are still dominating the market.
On the flip side we have all the variables of having a strong rebound. Very low inventory on a regular basis, great school district, good location & commuting spot. Vadnais Heights will continue to be a very desirable location to buy in for not only the next 3-5 years but next 10years.
At this point however it is too early to make strong predictions on growth. If you have maybe a specific question about your property or something else you would like to ask me just use the contact button right here on Trulia.