IHS Global Insight ranks Vero Beach as the 2nd Most Undervalued Real Estate Market in the U.S.

IHS Global Insight, one of the world’s leading forecasting companies, just released their latest quarterly survey of House Prices in America, and while the news is mixed on a national basis, the findings are quite encouraging for potential buyers in32963. According to IHS, “house prices in the U.S. ended a two-year decline, and edged up slightly over the second quarter. The rate of decline has decreased among metro areas as the market has begun to stabilize. Yet it is not certain that the housing market is on a recovery path. Economic conditions remain dire and significant headwinds exist in stubbornly high unemployment rates.” And now for the good news: Of the 330 U.S. metropolitan areas surveyed, IHS ranked Vero Beach Florida the #2 Most Undervalued Housing Market in the U.S. According to IHS, the median housing price of $206,900 in Vero Beach was roughly 30% overvalued in 2005, while other Florida markets like Naples and Port St. Lucie were 40-50% overvalued. In contrast, all Florida markets are significantly undervalued today according to IHS with Vero Beach’s current median home price of $123,300 approximately 40% undervalued. While in32963 focuses exclusively on higher end properties, it’s not easy to extrapolate to the Barrier Island; however, the “undervalued” validation from a credible third party is encouraging for potential buyers and bargain hunters in32963. (IHS Quarterly Report Summary)