Here is a great article from Business Insider:
To everyone who bought a house in Carson City, Nevada -- congratulations, you picked a winner. Your housing market is expected to appreciate at a rate of 11.9% annually between 2011 and 2016.
To everyone else, don't hide your money under a mattress for the next five years. Here are 15 cities, identified by Fiserv Case Shiller Indexes, where the housing market is growing, and could provide you with some nice returns. Nationally, houses are appreciating on an average of 3.7%, all of these cities have markets appreciating at over 8%.
Note that these are mostly small cities. Regionally growth is concentrated heavily in the Pacific northwest and Central Florida.
More from the Business Insider:
#8 (tie) Reno, Nevada
Projected annual growth 2011 to 2016: 9.3%
From peak in 2006 to the end of 2010, Reno suffered a 46% crash. After troughing in Q3 2011, however, the market will bounce back with 4.6% growth in 2012 and faster in the years to come.
Projected annualized growth 2011 to 2016: 11.9%
Carson homes lost 39% from peak to the end of 2010. After a Q2 2011 peak, expect accelerating growth for the next few years.