How to analyze Real Estate markets?

[Shon Butani]

Hi how are you,

I was interested in finding out how one should go about analyzing a local real estate market and gauging whether it's a hot market or on the decline. I know there are so many variables, but I was wondering if anyone could point to an educational resource that provides a sort of systematic way to break it all down. I want to get a bit more detailed than "There's a good school district and it's near a train station." Long term rent/occupancies etc, concrete statistical data. 

Thank you