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.

Find Out: 5 Affordable Ways To Make Over Every Room in Your House 
Learn More: Home Renovations That Will Pay You Back 

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.. 

Prospective homebuyers should be wary: One of these cities could be the location of the next housing bubble.

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

Consider: 35 Surprising Cities With Low Costs of Living

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

Read: The Middle Class in America Is Thriving in These 20 Cities

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.

About the Author

Jordan Rosenfeld

Jordan Rosenfeld is a freelance writer and author of nine books. She holds a B.A. from Sonoma State University and an MFA from Bennington College. Her articles and essays about finances and other topics has appeared in a wide range of publications and clients, including The Atlantic, The Billfold, Good Magazine, GoBanking Rates, Daily Worth, Quartz, Medical Economics, The New York Times, Ozy, Paypal, The Washington Post and for numerous business clients. As someone who had to learn many of her lessons about money the hard way, she enjoys writing about personal finance to empower and educate people on how to make the most of what they have and live a better quality of life.

 

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