25 Metro Areas With the Most Overpriced Homes
The steady rise in U.S. home values is an encouraging sign for the economy -- banged up as it's been by the pandemic. But too much growth can lead to instability, and instability naturally leads to collapse. A hot housing market may indicate a budding town with a healthy employment rate, attractive jobs and growing wages. However, it could also mean that sellers are becoming greedy and listing homes far above their natural value.
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To determine which housing markets in the U.S. are the most overpriced, GOBankingRates used data from Zillow to analyze the difference between the median list price and median home value for single-family residences in the nation's largest housing markets. Home values in these cities are growing especially fast..
Last updated: July 27, 2021
Stamford, Connecticut
2021 home value: $1,063,089
2021 median listing price: $561,128
Difference between home value and list price: $501,961
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Los Angeles/Long Beach/Anaheim, California
2021 home value: $1,158,318
2021 median listing price: $799,718
Difference between home value and list price: $358,600
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Boston, Massachusetts
2021 home value: $732,480
2021 median listing price: $576,879
Difference between home value and list price: $155,601
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Miami/Ft. Lauderdale, Florida
2021 home value: $540,712
2021 median listing price: $387,070
Difference between home value and list price: $153,642
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San Diego, California
2021 home value: $898,067
2021 median listing price: $757,519
Difference between home value and list price: $140,547
Tulsa, Oklahoma
2021 home value: $307,801
2021 median listing price: $169,744
Difference between home value and list price: $138,056
Kansas City, Missouri
2021 home value: $375,260
2021 median listing price: $237,838
Difference between home value and list price: $137,422
Charleston, South Carolina
2021 home value: $443,545
2021 median listing price: $308,402
Difference between home value and list price: $135,143
New York, New York
2021 home value: $666,847
2021 median listing price: $531,744
Difference between home value and list price: $135,103
Oklahoma City, Oklahoma
2021 home value: $302,514
2021 median listing price: $176,456
Difference between home value and list price: $126,059
Jackson, Mississippi
2021 home value: $280,643
2021 median listing price: $156,713
Difference between home value and list price: $123,930
Richmond, Virginia
2021 home value: $399,160
2021 median listing price: $278,058
Difference between home value and list price: $121,102
Cincinnati, Ohio
2021 home value: $341,410
2021 median listing price: $221,792
Difference between home value and list price: $119,618
Omaha, Nebraska
2021 home value: $335,549
2021 median listing price: $225,994
Difference between home value and list price: $109,555
Charlotte, North Carolina
2021 home value: $389,064
2021 median listing price: $280,031
Difference between home value and list price: $109,033
Sacramento, California
2021 home value: $612,028
2021 median listing price: $503,228
Difference between home value and list price: $108,800
Houston, Texas
2021 home value: $351,064
2021 median listing price: $244,153
Difference between home value and list price: $106,912
McAllen, Texas
2021 home value: $239,419
2021 median listing price: $134,152
Difference between home value and list price: $105,267
Winston-Salem, North Carolina
2021 home value: $289,154
2021 median listing price: $184,326
Difference between home value and list price: $104,828
Atlanta, Georgia
2021 home value: $381,647
2021 median listing price: $279,304
Difference between home value and list price: $102,343
Albuquerque, New Mexico
2021 home value: $351,009
2021 median listing price: $251,613
Difference between home value and list price: $99,396
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Seattle, Washington
2021 home value: $734,297
2021 median listing price: $634,584
Difference between home value and list price: $98,713
Tucson, Arizona
2021 home value: $367,204
2021 median listing price: $269,624
Difference between home value and list price: $97,580
Greensboro, North Carolina
2021 home value: $281,332
2021 median listing price: $185,137
Difference between home value and list price: $96,195
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Grand Rapids, Michigan
2021 home value: $347,092
2021 median listing price: $252,271
Difference between home value and list price: $94,820
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Chris Jennings contributed to the reporting for this article.
Methodology: GOBankingRates analyzed the biggest Metro Statistical Area (MSA) housing markets in the United States according to Zillow’s Housing Data to find the 25 Metros With the Most Overpriced Homes. GOBankingRates found the (1) 2021 Average Home Value for each city and subtracted that from each city’s (2) 2021 Average Median List Price, both sourced from Zillow’s May 2021 Housing Data. This gave each city a value that represented the (3) difference between Median List Price and Home Value. GOBankingRates then ranked the cities in terms of factor 3 with the greatest positive difference being worst. All data was compiled and is up to date as of July 7, 2021.
This article originally appeared on GOBankingRates.com: 25 Metro Areas With the Most Overpriced Homes
