NewsChannel 5.com - Nashville, Tennessee - Survey: Clarksville's Housing Market best In Nation

Survey: Clarksville's Housing Market best In Nation

CLARKSVILLE, Tenn. - The housing market across the country has seen better days.

But the outlook couldn't be better for Clarksville.

A new survey claims Clarksville residents will see big gains in 2008; in fact, the biggest in the country.

Five years ago, one of Jim Phillips' clients bought his home for $149,950.

Phillips of Crye-Leike Realtors thinks the client's home will appraise more than $185,000 next year.

Sellers in the Clarksville housing market haven't had to deal with a slump in sales as in other cities. 

That's why a home-price research firm thinks houses in Clarksville will gain 6.4 percent in value next year. This is the biggest gain in the country.

Phillips said the research gives credence to advice he offers clients, particularly when he tells them to stay in their homes for two to three years to see appreciate.

If someone in Clarksville has a home worth $200,000, it should appreciate by 6.4 percent in 2008 or $12,800, according to the survey.

In Las Vegas, home values are expected to drop by 17 percent. Southern Florida has the gloomiest forecast of any housing market in the nation for 2008. Residents in Miami who own $200,000 homes can expect to lose 23 percent or $46,000.

In the nation, only five markets showed projected appreciation of more than 4 percent - two of them are in Tennessee.

Albuquerque was first, followed by Seattle; Nashville; Lancaster, Pa.; and Knoxville.

Most of the nation will see at least a 5 percent drop in home values.

Experts said many homeowners in Tennessee don't have sub-prime loans. Homeowners with those adjustable rate mortgages have gotten in financial trouble. That is one reason the housing market is better here.