A major, often overlooked, indication of a neighborhood on the rise is an active neighborhood association. Read the local paper. The importance of this can't be overemphasized. In fact, it's a good idea to subscribe to several papers in areas that you're considering. Within a few months you'll become an insider on the workings of the community.
Schools are a top priority for homebuyers.
In new developments, the school is perhaps the No. 1 sign that the community will take off. In older areas, look for an indication that the neighborhood has applied for historic registration. Check whether local religious congregations are expanding. Study the economic factors for a region and its neighborhoods. While national economic events clearly have effects on home prices, the housing market is inherently a local market driven by regional and local economic trends.