50 Cities With the Most Overpriced Homes
These homes are selling for far more than they're worth.
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The U.S. is currently experiencing its longest economic expansion on record. Over the past decade, gross domestic product rose, unemployment rates fell and thoughts of the Great Recession faded into the abyss of time. While all of that was happening, much of the U.S. housing market recovered as well. U.S. home prices were up more than 50% in 2018 since bottoming out in the 2008 recession, according to global property analytics firm CoreLogic, and they’re expected to increase by 5.6% by September 2020.
The steady rise in home values is an encouraging sign for the economy, 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.
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 — Chattanooga, Tennessee, for example, saw a 14% increase in home prices over the past year alone, according to a separate GOBankingRates study. Prospective homebuyers should be wary: One of these cities could be the location of the next housing bubble.
Last updated: Dec. 19, 2019
50. Little Rock, Arkansas
- Median list price in 2019: $218,415.10
- Median home value in 2019: $140,360
- Difference between list price and home value: $78,055.10
49. Overland Park, Kansas
- Median list price in 2019: $396,944.45
- Median home value in 2019: $318,550
- Difference between list price and home value: $78,394.45
48. Greenville, South Carolina
- Median list price in 2019: $269,716.50
- Median home value in 2019: $190,640
- Difference between list price and home value: $79,076.50
47. Glen Allen, Virginia
- Median list price in 2019: $404,193
- Median home value in 2019: $324,520
- Difference between list price and home value: $79,673
46. Goldsboro, North Carolina
- Median list price in 2019: $167,234.95
- Median home value in 2019: $87,330
- Difference between list price and home value: $79,904.95
45. Mission, Texas
- Median list price in 2019: $210,977.25
- Median home value in 2019: $129,980
- Difference between list price and home value: $80,997.25
Pictured: McAllen, Texas, a neighboring city
44. Concord, North Carolina
- Median list price in 2019: $288,780.85
- Median home value in 2019: $207,560
- Difference between list price and home value: $81,220.85
43. McAllen, Texas
- Median list price in 2019: $219,580
- Median home value in 2019: $137,540
- Difference between list price and home value: $82,040
See Instead: Top 25 States Where Homes Are Becoming More Valuable
42. Pensacola, Florida
- Median list price in 2019: $227,870
- Median home value in 2019: $145,350
- Difference between list price and home value: $82,520
41. Woodstock, Georgia
- Median list price in 2019: $340,976
- Median home value in 2019: $257,420
- Difference between list price and home value: $83,556
40. Santa Barbara, California
- Median list price in 2019: $1,326,575
- Median home value in 2019: $1,242,050
- Difference between list price and home value: $84,525
39. Escondido, California
- Median list price in 2019: $624,533.65
- Median home value in 2019: $538,070
- Difference between list price and home value: $86,463.65
38. Holland, Michigan
- Median list price in 2019: $288,340
- Median home value in 2019: $200,960
- Difference between list price and home value: $87,380
37. Frisco, Texas
- Median list price in 2019: $486,455.60
- Median home value in 2019: $398,510
- Difference between list price and home value: $87,945.60
36. Allen, Texas
- Median list price in 2019: $409,868.20
- Median home value in 2019: $319,670
- Difference between list price and home value: $90,198.20
35. Beaumont, Texas
- Median list price in 2019: $200,773.70
- Median home value in 2019: $108,700
- Difference between list price and home value: $92,073.70
34. Plymouth, Minnesota
- Median list price in 2019: $471,739.50
- Median home value in 2019: $377,160
- Difference between list price and home value: $94,579.50
33. Sumter, South Carolina
- Median list price in 2019: $178,576
- Median home value in 2019: $82,400
- Difference between list price and home value: $96,176
32. Alpharetta, Georgia
- Median list price in 2019: $501,744.20
- Median home value in 2019: $405,520
- Difference between list price and home value: $96,224.20
31. Los Angeles
- Median list price in 2019: $831,343.80
- Median home value in 2019: $735,060
- Difference between list price and home value: $96,283.80
30. Savannah, Georgia
- Median list price in 2019: $232,712
- Median home value in 2019: $136,280
- Difference between list price and home value: $96,432
29. Napa, California
- Median list price in 2019: $780,670
- Median home value in 2019: $683,240
- Difference between list price and home value: $97,430
28. Olathe, Kansas
- Median list price in 2019: $360,485
- Median home value in 2019: $263,050
- Difference between list price and home value: $97,435
27. Franklin, Tennessee
- Median list price in 2019: $575,085.50
- Median home value in 2019: $477,640
- Difference between list price and home value: $97,445.50
26. Houston
- Median list price in 2019: $293,654.40
- Median home value in 2019: $195,790
- Difference between list price and home value: $97,864.40
Don’t Miss: Houses Are Selling the Fastest in These 30 Real Estate Markets
25. Hoover, Alabama
- Median list price in 2019: $391,873.30
- Median home value in 2019: $293,740
- Difference between list price and home value: $98,133.30
24. Tampa, Florida
- Median list price in 2019: $324,054.90
- Median home value in 2019: $225,020
- Difference between list price and home value: $99,034.90
23. Jersey City, New Jersey
- Median list price in 2019: $578,090
- Median home value in 2019: $478,670
- Difference between list price and home value: $99,420
22. Santa Fe, New Mexico
- Median list price in 2019: $504,228.30
- Median home value in 2019: $400,330
- Difference between list price and home value: $103,898.30
21. Chattanooga, Tennessee
- Median list price in 2019: $252,585
- Median home value in 2019: $146,400
- Difference between list price and home value: $106,185
20. Sugar Land, Texas
- Median list price in 2019: $410,760.05
- Median home value in 2019: $304,180
- Difference between list price and home value: $106,580.05
19. Huntsville, Alabama
- Median list price in 2019: $262,082
- Median home value in 2019: $153,360
- Difference between list price and home value: $108,722
18. Charlottesville, Virginia
- Median list price in 2019: $444,794.85
- Median home value in 2019: $334,840
- Difference between list price and home value: $109,954.85
17. Monroe, Louisiana
- Median list price in 2019: $208,920
- Median home value in 2019: $96,350
- Difference between list price and home value: $112,570
16. Newport Beach, California
- Median list price in 2019: $2,546,800
- Median home value in 2019: $2,433,680
- Difference between list price and home value: $113,120
15. The Woodlands, Texas
- Median list price in 2019: $456,946.40
- Median home value in 2019: $343,520
- Difference between list price and home value: $113,426.40
14. Miami
- Median list price in 2019: $476,100
- Median home value in 2019: $359,150
- Difference between list price and home value: $116,950
Find Out: 20 Hottest Neighborhoods in the US
13. Tyler, Texas
- Median list price in 2019: $263,515.65
- Median home value in 2019: $145,100
- Difference between list price and home value: $118,415.65
12. Gainesville, Georgia
- Median list price in 2019: $304,830
- Median home value in 2019: $186,350
- Difference between list price and home value: $118,480
11. Chicago
- Median list price in 2019: $336,970
- Median home value in 2019: $212,260
- Difference between list price and home value: $124,710
10. Vienna, Virginia
- Median list price in 2019: $936,431.75
- Median home value in 2019: $806,110
- Difference between list price and home value: $130,321.75
9. Rogers, Arkansas
- Median list price in 2019: $321,854.75
- Median home value in 2019: $184,960
- Difference between list price and home value: $136,894.75
8. Fort Lauderdale, Florida
- Median list price in 2019: $496,465
- Median home value in 2019: $355,730
- Difference between list price and home value: $140,735
7. Irving, Texas
- Median list price in 2019: $370,463.35
- Median home value in 2019: $226,170
- Difference between list price and home value: $144,293.35
6. Boston
- Median list price in 2019: $743,090
- Median home value in 2019: $596,680
- Difference between list price and home value: $146,410
5. New Orleans
- Median list price in 2019: $327,650
- Median home value in 2019: $168,820
- Difference between list price and home value: $158,830
4. Dallas
- Median list price in 2019: $387,659.90
- Median home value in 2019: $224,620
- Difference between list price and home value: $163,039.90
3. New York
- Median list price in 2019: $788,240
- Median home value in 2019: $616,890
- Difference between list price and home value: $171,350
2. Arcadia, California
- Median list price in 2019: $1,468,940
- Median home value in 2019: $1,228,250
- Difference between list price and home value: $240,690
1. Bethesda, Maryland
- Median list price in 2019: $1,219,050
- Median home value in 2019: $971,090
- Difference between list price and home value: $247,960
More From GOBankingRates
- 24 Ways To Make This Week’s Paycheck Go Further
- Here’s How Much Cash You Need Stashed If an Emergency Happens
- 100 Ways To Make Money Without a 9-to-5
- 21 Smartest Ways To Invest Your Money Right Now
Methodology: GOBankingRates analyzed the 722 biggest housing markets in the United States according to Zillow’s housing data to find the 50 cities with the most overpriced homes. GOBankingRates found (1) the 2019 median list price for all homes in each city and (2) the 2019 average home value for single-family residences in each city, both sourced from Zillow’s 2019 housing data, which spans from January 2019 to October 2019. Subtracting factor No. 2 from factor No. 1 gave (3) the difference between the median list price and average home value for each city. GOBankingRates then ranked the cities in terms of factor No. 3, with the greatest positive difference corresponding to the city with the most overpriced homes. All data used to conduct this study was compiled and verified on Nov. 27, 2019.
About the Author
Chris Jennings
Chris joined GOBankingRates in 2016 and has over five years of experience working at various print and digital publications. Prior to joining GOBankingRates, he served as a copy editor on the news and sports desk at The Times of Northwest Indiana. He received his BA in English from Illinois State University.
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The U.S. is currently experiencing its longest economic expansion on record. Over the past decade, gross domestic product rose, unemployment rates fell and thoughts of the Great Recession faded into the abyss of time. While all of that was happening, much of the U.S. housing market recovered as well. U.S. home prices were up more than 50% in 2018 since bottoming out in the 2008 recession, according to global property analytics firm CoreLogic, and they’re expected to increase by 5.6% by September 2020.
The steady rise in home values is an encouraging sign for the economy, 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.
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 — Chattanooga, Tennessee, for example, saw a 14% increase in home prices over the past year alone, according to a separate GOBankingRates study. Prospective homebuyers should be wary: One of these cities could be the location of the next housing bubble.
Last updated: Dec. 19, 2019
1. Little Rock, Arkansas
- Median list price in 2019: $218,415.10
- Median home value in 2019: $140,360
- Difference between list price and home value: $78,055.10
2. Overland Park, Kansas
- Median list price in 2019: $396,944.45
- Median home value in 2019: $318,550
- Difference between list price and home value: $78,394.45
3. Greenville, South Carolina
- Median list price in 2019: $269,716.50
- Median home value in 2019: $190,640
- Difference between list price and home value: $79,076.50
4. Glen Allen, Virginia
- Median list price in 2019: $404,193
- Median home value in 2019: $324,520
- Difference between list price and home value: $79,673
5. Goldsboro, North Carolina
- Median list price in 2019: $167,234.95
- Median home value in 2019: $87,330
- Difference between list price and home value: $79,904.95
6. Mission, Texas
- Median list price in 2019: $210,977.25
- Median home value in 2019: $129,980
- Difference between list price and home value: $80,997.25
Pictured: McAllen, Texas, a neighboring city
7. Concord, North Carolina
- Median list price in 2019: $288,780.85
- Median home value in 2019: $207,560
- Difference between list price and home value: $81,220.85
8. McAllen, Texas
- Median list price in 2019: $219,580
- Median home value in 2019: $137,540
- Difference between list price and home value: $82,040
See Instead: Top 25 States Where Homes Are Becoming More Valuable
9. Pensacola, Florida
- Median list price in 2019: $227,870
- Median home value in 2019: $145,350
- Difference between list price and home value: $82,520
10. Woodstock, Georgia
- Median list price in 2019: $340,976
- Median home value in 2019: $257,420
- Difference between list price and home value: $83,556
11. Santa Barbara, California
- Median list price in 2019: $1,326,575
- Median home value in 2019: $1,242,050
- Difference between list price and home value: $84,525
12. Escondido, California
- Median list price in 2019: $624,533.65
- Median home value in 2019: $538,070
- Difference between list price and home value: $86,463.65
13. Holland, Michigan
- Median list price in 2019: $288,340
- Median home value in 2019: $200,960
- Difference between list price and home value: $87,380
14. Frisco, Texas
- Median list price in 2019: $486,455.60
- Median home value in 2019: $398,510
- Difference between list price and home value: $87,945.60
15. Allen, Texas
- Median list price in 2019: $409,868.20
- Median home value in 2019: $319,670
- Difference between list price and home value: $90,198.20
16. Beaumont, Texas
- Median list price in 2019: $200,773.70
- Median home value in 2019: $108,700
- Difference between list price and home value: $92,073.70
17. Plymouth, Minnesota
- Median list price in 2019: $471,739.50
- Median home value in 2019: $377,160
- Difference between list price and home value: $94,579.50
18. Sumter, South Carolina
- Median list price in 2019: $178,576
- Median home value in 2019: $82,400
- Difference between list price and home value: $96,176
19. Alpharetta, Georgia
- Median list price in 2019: $501,744.20
- Median home value in 2019: $405,520
- Difference between list price and home value: $96,224.20
20. Los Angeles
- Median list price in 2019: $831,343.80
- Median home value in 2019: $735,060
- Difference between list price and home value: $96,283.80
21. Savannah, Georgia
- Median list price in 2019: $232,712
- Median home value in 2019: $136,280
- Difference between list price and home value: $96,432
22. Napa, California
- Median list price in 2019: $780,670
- Median home value in 2019: $683,240
- Difference between list price and home value: $97,430
23. Olathe, Kansas
- Median list price in 2019: $360,485
- Median home value in 2019: $263,050
- Difference between list price and home value: $97,435
24. Franklin, Tennessee
- Median list price in 2019: $575,085.50
- Median home value in 2019: $477,640
- Difference between list price and home value: $97,445.50
25. Houston
- Median list price in 2019: $293,654.40
- Median home value in 2019: $195,790
- Difference between list price and home value: $97,864.40
Don’t Miss: Houses Are Selling the Fastest in These 30 Real Estate Markets
26. Hoover, Alabama
- Median list price in 2019: $391,873.30
- Median home value in 2019: $293,740
- Difference between list price and home value: $98,133.30
27. Tampa, Florida
- Median list price in 2019: $324,054.90
- Median home value in 2019: $225,020
- Difference between list price and home value: $99,034.90
28. Jersey City, New Jersey
- Median list price in 2019: $578,090
- Median home value in 2019: $478,670
- Difference between list price and home value: $99,420
29. Santa Fe, New Mexico
- Median list price in 2019: $504,228.30
- Median home value in 2019: $400,330
- Difference between list price and home value: $103,898.30
30. Chattanooga, Tennessee
- Median list price in 2019: $252,585
- Median home value in 2019: $146,400
- Difference between list price and home value: $106,185
31. Sugar Land, Texas
- Median list price in 2019: $410,760.05
- Median home value in 2019: $304,180
- Difference between list price and home value: $106,580.05
32. Huntsville, Alabama
- Median list price in 2019: $262,082
- Median home value in 2019: $153,360
- Difference between list price and home value: $108,722
33. Charlottesville, Virginia
- Median list price in 2019: $444,794.85
- Median home value in 2019: $334,840
- Difference between list price and home value: $109,954.85
34. Monroe, Louisiana
- Median list price in 2019: $208,920
- Median home value in 2019: $96,350
- Difference between list price and home value: $112,570
35. Newport Beach, California
- Median list price in 2019: $2,546,800
- Median home value in 2019: $2,433,680
- Difference between list price and home value: $113,120
36. The Woodlands, Texas
- Median list price in 2019: $456,946.40
- Median home value in 2019: $343,520
- Difference between list price and home value: $113,426.40
37. Miami
- Median list price in 2019: $476,100
- Median home value in 2019: $359,150
- Difference between list price and home value: $116,950
Find Out: 20 Hottest Neighborhoods in the US
38. Tyler, Texas
- Median list price in 2019: $263,515.65
- Median home value in 2019: $145,100
- Difference between list price and home value: $118,415.65
39. Gainesville, Georgia
- Median list price in 2019: $304,830
- Median home value in 2019: $186,350
- Difference between list price and home value: $118,480
40. Chicago
- Median list price in 2019: $336,970
- Median home value in 2019: $212,260
- Difference between list price and home value: $124,710
41. Vienna, Virginia
- Median list price in 2019: $936,431.75
- Median home value in 2019: $806,110
- Difference between list price and home value: $130,321.75
42. Rogers, Arkansas
- Median list price in 2019: $321,854.75
- Median home value in 2019: $184,960
- Difference between list price and home value: $136,894.75
43. Fort Lauderdale, Florida
- Median list price in 2019: $496,465
- Median home value in 2019: $355,730
- Difference between list price and home value: $140,735
44. Irving, Texas
- Median list price in 2019: $370,463.35
- Median home value in 2019: $226,170
- Difference between list price and home value: $144,293.35
45. Boston
- Median list price in 2019: $743,090
- Median home value in 2019: $596,680
- Difference between list price and home value: $146,410
46. New Orleans
- Median list price in 2019: $327,650
- Median home value in 2019: $168,820
- Difference between list price and home value: $158,830
47. Dallas
- Median list price in 2019: $387,659.90
- Median home value in 2019: $224,620
- Difference between list price and home value: $163,039.90
48. New York
- Median list price in 2019: $788,240
- Median home value in 2019: $616,890
- Difference between list price and home value: $171,350
49. Arcadia, California
- Median list price in 2019: $1,468,940
- Median home value in 2019: $1,228,250
- Difference between list price and home value: $240,690
50. Bethesda, Maryland
- Median list price in 2019: $1,219,050
- Median home value in 2019: $971,090
- Difference between list price and home value: $247,960
More From GOBankingRates
- 24 Ways To Make This Week’s Paycheck Go Further
- Here’s How Much Cash You Need Stashed If an Emergency Happens
- 100 Ways To Make Money Without a 9-to-5
- 21 Smartest Ways To Invest Your Money Right Now
Methodology: GOBankingRates analyzed the 722 biggest housing markets in the United States according to Zillow’s housing data to find the 50 cities with the most overpriced homes. GOBankingRates found (1) the 2019 median list price for all homes in each city and (2) the 2019 average home value for single-family residences in each city, both sourced from Zillow’s 2019 housing data, which spans from January 2019 to October 2019. Subtracting factor No. 2 from factor No. 1 gave (3) the difference between the median list price and average home value for each city. GOBankingRates then ranked the cities in terms of factor No. 3, with the greatest positive difference corresponding to the city with the most overpriced homes. All data used to conduct this study was compiled and verified on Nov. 27, 2019.
About the Author
Chris Jennings
Chris joined GOBankingRates in 2016 and has over five years of experience working at various print and digital publications. Prior to joining GOBankingRates, he served as a copy editor on the news and sports desk at The Times of Northwest Indiana. He received his BA in English from Illinois State University.
