Well, speaking from the other coast (Atlanta and formerly Boston) I can say that in the past 9 years living here in Metro Atlanta, I've noticed property values skyrocket. Yes there is a large GLBT population here, but then there is a large population of almost any group you want to name here. Atlanta is a very diverse metro area who's population has, or rather had, been growing very rapidly of late.
Nine years ago, when I came here, you could still easily find nice homes for under $200k (not condos or studios, but comfortably large homes), fast forward to just before the economy tanked, you would be hard pressed to find a comparably sized home for under $500k. Still more reasonable than LA and cheaper than downtown ATL where you can easily buy a condo for a few million, but then I really don't like living in the city, I love being just outside of one.
Boston, and my hometown of Cambridge, is very expensive and very diverse. I had heard that Cambridge is the most expensive city in the country to live in.
So, I don't think it is so much the GLBT part that is driving the market, but as someone else stated, the diversity of the people moving in and bringing in economy building businesses and social/cultural interest.
As for phobics, I think they are going to be everywhere. Though in more diverse and tolerant regions, they are going to be more out numbered than in smaller, more rural areas that have well established sense of community and far less open to change. Fear is a paralytic in many areas.
