Appreciation for MSAs:.

Comparing the real estate investment appreciation rates between a MSAs and their state can give you a lot of insight.
The state appreciation level can be a good benchmark for comparing an individual MSAs perfomance.

If we analyze Bethesda Gaithersburg Frederick, Maryland MSA appreciation it was +119.14% (+ 19.86% yearly) from 2000 to 2005.

During the same time period, MD had +108.82% (+ 18.14% yearly). You can see that the Bethesda Gaithersburg Frederick, Maryland MSA experienced higher appreciation in this case.

Bethesda-Gaithersburg-Frederick-MD

Detailed Quarterly Appreciation is Available on Periods Less than 4 Years Only
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2002-2005 Quarterly Detailed Appreciation