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The most stable real estate markets

For each of the 50 largest housing markets, Zillow.com analyzed average home prices over 117 rolling five-year periods since 1979, as far back as reliable data go. The “risk of loss” is the percentage of those periods that created negative returns for homeowners. In the case of ties between markets, those with the bigger drop in their worst years were ranked as riskier.

1. Buffalo, New York

Risk of loss: 0%

Worst year: -4% (July 1994 - June 1995)

2. Pittsburgh

Risk of loss: 0%

Worst year: -7% (July 1980 - June 1981)

3. Louisville-Jefferson County, Kentucky

Risk of loss: 3%

Worst year: -3% (April 1981 - March 1982)

4. Nashville, Tennessee

Risk of loss: 9%

Worst year: -4% (July 2010 - June 2011)

5. Raleigh, North Carolina

Risk of loss: 9%

Worst year: -5% (July 1981 - June 1982)

Source: Zillow.com and Bloomberg.com