Projecting what will happen in the market over the next five years is truly a guess, but here is mine: As the economy improves, I expect housing values to trend higher, just like the stock market is doing. From January 2011 to January 2012, the overall SW PA market appreciated 5.07%, then appreciation dipped slightly in February. I expect the warmer than usual winter and spring will bring buyers out in droves, since the bank lending rates are "on sale". Right now, it is a better deal to buy than rent. Those lending rates will probably also start to go up slowly, so now is a really good time to buy. I'll go out on a limb and project that housing values in the greater Pittsburgh region will be at least 10-15% higher in 5 years than they are now.