May 25, 2017

Is your home over-valued?

Published Jun 13, 2006, 12:00pm


Overvalued Housing Market? Depends Where You Live

Most Overvalued, Most Undervalued of the 317 Largest U.S. Metro Areas Examined

A new study, House Prices in America, using Global Insight's extensive proprietary databases on the housing market - which combined data and forecasts for home prices, home sales, housing stock, and household income with a methodology developed by the economics department of National City Corporation — examines current and expected housing prices in the 317 largest U.S. Metropolitan areas.

Study findings indicate that 71 metropolitan areas, representing 39 percent of the nation's housing market, "are extremely overvalued and at risk for a price correction." While price appreciation continues at a historically high rate - boosted by especially strong increases in markets that are already overvalued - the pace of appreciation is slowing.

The Global Insight Housing Price Index

This new index has been developed by our U.S. Regional Real Estate Service experts. Our U.S. Regional Real Estate Service is focused on delivering detailed analysis of demand-side drivers for the residential real estate market in each state and is updated quarterly.

Out-of-whack home prices

Metro areas' first quarter housing prices with the greatest percentage above and below what they should be:

Metro area
Average price
Over/under valued
Abilene, TX
$71,500
-9.2%
Akron, OH
$133,800
-1.9%
Albany, GA
$89,100
-2.9%
Albany, NY
$186,300
18.5%
Albuquerque, NM
$170,900
8.0%
Alexandria, LA
$83,400
-5.7%
Allentown, PA-NJ
$201,600
17.9%
Amarillo, TX
$88,200
-2.9%
Anchorage, AK
$228,400
22.2%
Anderson, IN
$93,200
-1.6%
Anderson, SC
$99,700
3.2%
Ann Arbor, MI
$216,100
12.8%
Appleton, WI
$137,700
-0.5%
Asheville, NC
$152,800
32.1%
Athens, GA
$139,500
1.2%
Atlanta, GA
$175,800
0.8%
Atlantic City, NJ
$254,200
63.9%
Augusta, GA-SC
$109,500
0.8%
Austin, TX
$149,900
-6.8%
Bakersfield, CA
$225,500
62.3%
Baltimore, MD
$272,600
31.7%
Barnstable, MA
$356,800
43.4%
Baton Rouge, LA
$115,600
3.2%
Battle Creek, MI
$104,200
18.6%
Bay City, MI
$107,200
22.9%
Beaumont, TX
$73,200
-7.3%
Bellingham, WA
$277,000
51.5%
Bend, OR
$276,100
76.4%
Bethesda, MD
$433,900
33.0%
Billings, MT
$142,000
8.3%
Binghamton, NY
$103,200
4.0%
Birmingham, AL
$120,800
-5.2%
Bismarck ND
$120,100
2.0%
Blacksburg, VA
$123,800
3.2%
Bloomington, IN
$120,600
-0.1%
Bloomington-Normal, IL
$131,900
-0.5%
Boise City, ID
$180,400
28.6%
Boston-Quincy, MA
$360,200
10.7%
Boulder, CO
$293,800
15.6%
Bowling Green, KY
$108,900
-2.5%
Bremerton, WA
$263,600
32.3%
Bridgeport, CT
$466,800
9.8%
Brunswick, GA
$122,500
16.5%
Buffalo, NY
$112,900
-5.9%
Burlington, NC
$110,600
-0.1%
Burlington, VT
$212,900
18.8%
Cambridge-Framingham, MA
$391,400
3.5%
Camden, NJ
$227,800
23.7%
Canton, OH
$117,400
6.0%
Cape Coral-Fort Meyers, FL
$245,500
63.0%
Carson City, NV
$291,300
45.6%
Casper, WY
$140,800
28.9%
Cedar Rapids, IA
$112,800
-1.7%
Champaign, IL
$117,800
11.0%
Charleston, SC
$168,200
31.2%
Charleston, WV
$89,700
-8.4%
Charlotte, NC-SC
$146,200
-4.6%
Charlottesville, VA
$244,700
29.0%
Chattanooga, TN-GA
$115,200
4.1%
Cheyenne, WY
$147,600
1.4%
Chicago, IL
$246,700
20.4%
Chico, CA
$271,100
60.7%
Cincinnati, OH-KY-IN
$140,100
-3.1%
Cleveland, OH
$143,800
3.3%
College Station-Bryan, TX
$94,200
-23.7%
Colorado Springs, CO
$195,700
6.4%
Columbia, MO
$125,200
-5.8%
Columbia, SC
$117,300
0.1%
Columbus, GA-AL
$111,800
-2.4%
Columbus, IN
$119,000
-2.6%
Columbus, OH
$149,400
-0.4%
Corpus Christi, TX
$92,000
-7.7%
Corvallis, OR
$237,200
15.6%
Dallas, TX
$129,000
-18.9%
Dalton, GA
$107,200
1.8%
Davenport-Moline, IA-IL
$103,000
3.2%
Dayton, OH
$120,200
-2.0%
Decatur, AL
$91,400
-10.3%
Decatur, IL
$81,200
-5.6%
Deltona-Daytona Beach, FL
$186,000
53.6%
Denver, CO
$223,300
5.9%
Des Moines, IA
$127,500
-1.4%
Detroit, MI
$118,500
27.8%
Dover, DE
$174,000
26.4%
Dubuque, IA
$118,200
5.5%
Duluth, MN-WI
$123,500
27.2%
Durham, NC
$163,200
2.3%
Eau Claire, WI
$125,600
15.3%
Edison, NJ
$349,000
33.0%
El Paso, TX
$94,000
-13.1%
Elkhart, IN
$113,700
-8.1%
Erie, PA
$99,400
-0.4%
Essex County, MA
$346,000
24.0%
Eugene, OR
$214,400
41.6%
Evansville, IN-KY
$98,300
-5.1%
Fairbanks, AK
$180,700
11.1%
Fargo, ND-MN
$126,800
-0.6%
Farmington, NM
$123,800
22.5%
Fayetteville, AR-MO
$129,200
8.2%
Flagstaff, AZ
$248,800
42.0%
Flint, MI
$110,900
21.4%
Florence, SC
$82,800
-5.1%
Fond du Lac, WI
$133,300
8.7%
Fort Collins, CO
$220,500
9.6%
Fort Lauderdale, FL
$262,600
57.3%
Fort Smith, AR-OK
$80,400
-6.8%
Fort Walton Beach, FL
$214,800
38.8%
Fort Wayne, IN
$102,200
-5.9%
Fort Worth, TX
$105,500
-18.5%
Fresno, CA
$260,800
63.6%
Gainesville, FL
$157,200
26.7%
Gainesville, GA
$147,900
7.5%
Gary, IN
$131,300
5.4%
Grand Junction, CO
$171,400
27.8%
Grand Rapids, MI
$133,300
5.3%
Greeley, CO
$176,400
20.8%
Green Bay, WI
$144,300
6.3%
Greensboro-High Point, NC
$121,000
1.5%
Greenville, NC
$95,600
-3.1%
Greenville, SC
$114,100
-2.8%
Gulfport-Biloxi, MS
$112,900
34.4%
Hanford, CA
$212,800
38.6%
Harrisburg, PA
$146,500
3.1%
Harrisonburg, VA
$177,600
21.6%
Hartford, CT
$237,300
4.6%
Hattiesburg, MS
$90,200
2.7%
Hickory, NC
$102,900
8.3%
Holland, MI
$157,200
11.7%
Honolulu, HI
$585,300
39.2%
Houma, LA
$98,600
-5.1%
Houston, TX
$110,600
-15.8%
Huntsville, AL
$120,600
-10.4%
Idaho Falls, ID
$122,400
3.0%
Indianapolis, IN
$136,700
-8.6%
Iowa City, IA
$148,600
-3.2%
Ithaca, NY
$150,400
12.3%
Jackson, MI
$122,600
19.7%
Jackson, MS
$102,600
-3.6%
Jacksonville, FL
$179,000
31.4%
Janesville, WI
$126,700
19.5%
Jefferson City, MO
$111,300
-3.6%
Joplin, MO
$89,800
1.8%
Kalamazoo, MI
$129,200
10.6%
Kankakee, IL
$127,000
15.1%
Kansas City, MO-KS
$136,800
1.1%
Kennewick, WA
$142,600
9.2%
Killeen, TX
$93,000
-15.1%
Kingston, NY
$220,500
45.7%
Knoxville, TN
$127,000
4.7%
Kokomo, IN
$100,300
7.7%
La Crosse, WI-MN
$129,700
14.4%
Lafayette, IN
$114,000
-11.0%
Lafayette, LA
$115,600
-0.4%
Lake-Kenosha, IL-WI
$256,200
9.7%
Lakeland, FL
$137,200
37.2%
Lancaster, PA
$174,700
13.3%
Lansing, MI
$136,600
14.7%
Las Cruces, NM
$112,500
5.0%
Las Vegas, NV
$282,600
41.8%
Lawrence, KS
$155,200
-2.0%
Lebanon, PA
$130,400
1.6%
Lexington, KY
$139,400
2.4%
Lima, OH
$105,000
8.2%
Lincoln, NE
$127,200
-4.6%
Little Rock, AR
$105,600
-4.9%
Logan, UT-ID
$152,700
3.1%
Longview, TX
$83,500
-11.7%
Longview, WA
$178,500
35.7%
Los Angeles, CA
$499,300
61.3%
Louisville, KY-IN
$127,200
1.7%
Lubbock, TX
$82,200
-8.7%
Lynchburg, VA
$133,500
8.4%
Macon, GA
$100,000
-6.6%
Madera, CA
$301,600
72.5%
Madison, WI
$199,000
11.3%
Manchester-Nashua, NH
$241,400
21.0%
Mansfield, OH
$111,000
10.8%
McAllen, TX
$58,400
-12.9%
Medford, OR
$276,000
66.4%
Memphis, TN-MS-AR
$108,000
-10.1%
Merced, CA
$291,300
77.0%
Miami, FL
$277,700
64.4%
Michigan City, IN
$118,800
10.6%
Midland, TX
$92,900
-13.6%
Milwaukee, WI
$191,000
16.0%
Minneapolis-St. Paul, MN-WI
$223,000
21.3%
Mobile, AL
$101,100
3.1%
Modesto, CA
$323,200
68.6%
Monroe, LA
$88,300
-10.6%
Monroe, MI
$157,000
21.2%
Montgomery, AL
$104,500
-9.9%
Mount Vernon, WA
$261,400
45.1%
Muskegon, MI
$104,600
9.8%
Myrtle Beach, SC
$148,500
25.4%
Napa, CA
$541,600
65.3%
Naples, FL
$383,000
102.6%
Nashville, TN
$158,500
0.0%
Nassau-Suffolk, NY
$433,200
43.9%
New Haven, CT
$260,400
13.8%
New Orleans, LA
$146,700
-12.4%
New York-White Plains, NY-NJ
$466,700
26.1%
Newark, NJ-PA
$381,900
27.2%
Niles-Benton Harbor, MI
$127,100
14.7%
Norwich-New London, CT
$250,700
16.5%
Oakland, CA
$566,500
47.4%
Ocala, FL
$140,600
46.6%
Ocean City, NJ
$310,100
54.6%
Odessa, TX
$57,800
-11.8%
Ogden, UT
$168,500
0.7%
Oklahoma City, OK
$101,300
-6.6%
Olympia, WA
$236,100
38.9%
Omaha, NE-IA
$122,900
-5.3%
Orlando, FL
$208,500
40.2%
Oshkosh, WI
$125,400
0.0%
Owensboro, KY
$88,300
-7.1%
Oxnard-Ventura, CA
$555,300
52.6%
Palm Bay-Melbourne, FL
$212,000
54.0%
Panama City, FL
$175,000
49.8%
Pensacola, FL
$155,900
29.8%
Peoria, IL
$109,600
3.3%
Philadelphia, PA
$220,300
16.8%
Phoenix, AZ
$243,000
42.9%
Pittsburgh, PA
$111,400
-2.8%
Pittsfield, MA
$205,100
20.2%
Port St. Lucie-Fort Pierce, FL
$240,800
77.4%
Portland, ME
$218,900
27.3%
Portland, OR-WA
$268,500
41.1%
Poughkeepsie-Newburgh, NY
$290,800
40.9%
Prescott, AZ
$229,400
58.6%
Providence-New Bedford, RI-MA
$279,000
32.2%
Provo, UT
$190,500
11.9%
Pueblo, CO
$119,200
3.0%
Punta Gorda, FL
$210,900
73.4%
Racine, WI
$158,900
15.6%
Raleigh-Cary, NC
$173,100
0.2%
Reading, PA
$162,200
14.5%
Redding, CA
$272,000
68.4%
Reno, NV
$319,900
48.6%
Richmond, VA
$185,400
17.1%
Riverside-San Bernardino, CA
$332,300
68.7%
Roanoke, VA
$145,700
8.4%
Rochester, MN
$144,800
0.2%
Rochester, NY
$114,800
-9.1%
Rockford, IL
$122,600
15.1%
Rockingham-Strafford, NH
$252,200
19.6%
Rocky Mount, NC
$90,900
-6.7%
Sacramento, CA
$372,200
53.6%
Saginaw, MI
$102,400
15.1%
Salem, OR
$187,400
26.5%
Salinas, CA
$608,600
79.1%
Salt Lake City, UT
$211,100
8.0%
San Angelo, TX
$80,700
-7.1%
San Antonio, TX
$98,800
-11.4%
San Diego, CA
$478,300
38.6%
San Francisco, CA
$779,700
40.8%
San Jose, CA
$683,900
44.3%
San Luis Obispo, CA
$494,000
56.5%
Sandusky, OH
$127,800
-1.3%
Santa Ana-Anaheim, CA
$604,300
42.6%
Santa Barbara, CA
$629,600
73.0%
Santa Cruz, CA
$658,900
53.8%
Santa Fe, NM
$267,900
21.7%
Santa Rosa, CA
$523,700
52.0%
Sarasota, FL
$249,000
64.4%
Savannah, GA
$144,300
22.2%
Scranton, PA
$119,500
3.7%
Seattle, WA
$344,700
34.1%
Sheboygan, WI
$139,000
4.7%
Sherman, TX
$82,000
-3.6%
Shreveport, LA
$95,700
-12.7%
Sioux Falls, SD
$120,400
-3.3%
South Bend, IN-MI
$107,700
-4.3%
Spartanburg, SC
$98,100
-0.9%
Spokane, WA
$171,700
23.2%
Springfield, IL
$103,700
-1.2%
Springfield, MA
$210,900
19.9%
Springfield, MO
$113,600
-4.6%
Springfield, OH
$108,100
5.2%
St. Cloud, MN
$155,200
19.0%
St. George, UT
$239,200
52.5%
St. Joseph, MO-KS
$96,500
2.4%
St. Louis, MO-IL
$140,100
9.1%
Stockton, CA
$344,600
74.9%
Syracuse, NY
$114,100
-2.2%
Tacoma, WA
$249,200
31.9%
Tallahassee, FL
$155,800
22.5%
Tampa-St. Petersburg, FL
$178,000
36.1%
Toledo, OH
$117,800
8.7%
Topeka, KS
$101,800
-0.5%
Trenton, NJ
$276,100
15.4%
Tucson, AZ
$193,200
36.1%
Tulsa, OK
$97,800
-10.3%
Tyler, TX
$99,300
-8.7%
Utica, NY
$104,600
3.7%
Vallejo, CA
$407,600
57.0%
Vero Beach, FL
$210,000
57.0%
Vineland, NJ
$164,100
30.0%
Virginia Beach-Norfolk, VA-NC
$220,000
27.5%
Visalia, CA
$216,900
50.1%
Waco, TX
$86,400
-7.7%
Warner Robins, GA
$105,500
-7.4%
Warren, MI
$191,200
11.4%
Washington, DC-VA-MD-WV
$401,100
38.3%
Waterloo, IA
$104,400
7.6%
Wausau, WI
$125,000
0.1%
Wenatchee, WA
$196,800
18.4%
West Palm Beach, FL
$287,700
65.5%
Wichita Falls, TX
$76,900
-9.7%
Wichita, KS
$95,500
-12.3%
Wilmington, DE-MD-NJ
$231,000
22.0%
Wilmington, NC
$178,000
36.7%
Winston-Salem, NC
$124,800
2.6%
Worcester, MA
$250,900
27.7%
Yakima, WA
$134,700
8.1%
York, PA
$166,900
23.6%
Youngstown, OH-PA
$98,900
7.2%
Yuba City, CA
$269,100
67.9%
Source: Global Insight/National City

Complete report as a PDF

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