Fifth-best market: Los Angeles
Projected median price gain: 7.3%

Zillow predicts L.A.'s housing market will see big price increases this year, partly because it's so beaten down that the only way to go is up.

Humphries says median L.A. prices are back to December 2003 levels, "so affordability is looking quite good."

Zillow estimates that median Los Angeles home values plunged 38% after peaking in early 2006 -- and while they've been rebounding since last March, they're still way down. The site puts the typical La-La Land house's current value at $414,900 -- 33% below 2006's $619,200 peak.

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