PDA

View Full Version : Most overvalued houses in the US


cbrsmurf
06-13-2006, 10:15 PM
This is depressing. I'll never be able to afford a house in CA

Metro area ---Average price ---Over/under valued


Naples, FL $383,000 102.60%
Salinas, CA $608,600 79.10%
Port St. Lucie-Fort Pierce, FL $240,800 77.40%
Merced, CA $291,300 77.00%
Bend, OR $276,100 76.40%
Stockton, CA $344,600 74.90%
Punta Gorda, FL $210,900 73.40%
Santa Barbara, CA $629,600 73.00%
Madera, CA $301,600 72.50%
Riverside-San Bernardino, CA $332,300 68.70%
Modesto, CA $323,200 68.60%
Redding, CA $272,000 68.40%
Yuba City, CA $269,100 67.90%
Medford, OR $276,000 66.40%
West Palm Beach, FL $287,700 65.50%
Napa, CA $541,600 65.30%
Miami, FL $277,700 64.40%
Sarasota, FL $249,000 64.40%
Atlantic City, NJ $254,200 63.90%
Fresno, CA $260,800 63.60%
Cape Coral-Fort Meyers, FL $245,500 63.00%
Bakersfield, CA $225,500 62.30%
Los Angeles, CA $499,300 61.30%
Chico, CA $271,100 60.70%
Prescott, AZ $229,400 58.60%
Fort Lauderdale, FL $262,600 57.30%
Vallejo, CA $407,600 57.00%
Vero Beach, FL $210,000 57.00%
San Luis Obispo, CA $494,000 56.50%
Ocean City, NJ $310,100 54.60%
Palm Bay-Melbourne, FL $212,000 54.00%
Santa Cruz, CA $658,900 53.80%
Deltona-Daytona Beach, FL $186,000 53.60%
Sacramento, CA $372,200 53.60%
Oxnard-Ventura, CA $555,300 52.60%
St. George, UT $239,200 52.50%
Santa Rosa, CA $523,700 52.00%
Bellingham, WA $277,000 51.50%
Visalia, CA $216,900 50.10%
Panama City, FL $175,000 49.80%
Reno, NV $319,900 48.60%
Oakland, CA $566,500 47.40%
Ocala, FL $140,600 46.60%
Kingston, NY $220,500 45.70%
Carson City, NV $291,300 45.60%
Mount Vernon, WA $261,400 45.10%
San Jose, CA $683,900 44.30%
Nassau-Suffolk, NY $433,200 43.90%
Barnstable, MA $356,800 43.40%
Phoenix, AZ $243,000 42.90%
Santa Ana-Anaheim, CA $604,300 42.60%
Flagstaff, AZ $248,800 42.00%
Las Vegas, NV $282,600 41.80%
Eugene, OR $214,400 41.60%
Portland, OR-WA $268,500 41.10%
Poughkeepsie-Newburgh, NY $290,800 40.90%
San Francisco, CA $779,700 40.80%
Orlando, FL $208,500 40.20%
Honolulu, HI $585,300 39.20%
Olympia, WA $236,100 38.90%
Fort Walton Beach, FL $214,800 38.80%
Hanford, CA $212,800 38.60%
San Diego, CA $478,300 38.60%
Washington, DC-VA-MD-WV $401,100 38.30%
Lakeland, FL $137,200 37.20%
Wilmington, NC $178,000 36.70%
Tampa-St. Petersburg, FL $178,000 36.10%
Tucson, AZ $193,200 36.10%
Longview, WA $178,500 35.70%
Gulfport-Biloxi, MS $112,900 34.40%
Seattle, WA $344,700 34.10%
Bethesda, MD $433,900 33.00%
Edison, NJ $349,000 33.00%
Bremerton, WA $263,600 32.30%
Providence-New Bedford, RI-MA $279,000 32.20%
Asheville, NC $152,800 32.10%
Tacoma, WA $249,200 31.90%
Baltimore, MD $272,600 31.70%
Jacksonville, FL $179,000 31.40%
Charleston, SC $168,200 31.20%
Vineland, NJ $164,100 30.00%
Pensacola, FL $155,900 29.80%
Charlottesville, VA $244,700 29.00%
Casper, WY $140,800 28.90%
Boise City, ID $180,400 28.60%
Detroit, MI $118,500 27.80%
Grand Junction, CO $171,400 27.80%
Worcester, MA $250,900 27.70%
Virginia Beach-Norfolk, VA-NC $220,000 27.50%
Portland, ME $218,900 27.30%
Duluth, MN-WI $123,500 27.20%
Newark, NJ-PA $381,900 27.20%
Gainesville, FL $157,200 26.70%
Salem, OR $187,400 26.50%
Dover, DE $174,000 26.40%
New York-White Plains, NY-NJ $466,700 26.10%
Myrtle Beach, SC $148,500 25.40%
Essex County, MA $346,000 24.00%
Camden, NJ $227,800 23.70%
York, PA $166,900 23.60%
Spokane, WA $171,700 23.20%
Bay City, MI $107,200 22.90%
Farmington, NM $123,800 22.50%
Tallahassee, FL $155,800 22.50%
Anchorage, AK $228,400 22.20%
Savannah, GA $144,300 22.20%
Wilmington, DE-MD-NJ $231,000 22.00%
Santa Fe, NM $267,900 21.70%
Harrisonburg, VA $177,600 21.60%
Flint, MI $110,900 21.40%
Minneapolis-St. Paul, MN-WI $223,000 21.30%
Monroe, MI $157,000 21.20%
Manchester-Nashua, NH $241,400 21.00%
Greeley, CO $176,400 20.80%
Chicago, IL $246,700 20.40%
Pittsfield, MA $205,100 20.20%
Springfield, MA $210,900 19.90%
Jackson, MI $122,600 19.70%
Rockingham-Strafford, NH $252,200 19.60%
Janesville, WI $126,700 19.50%
St. Cloud, MN $155,200 19.00%
Burlington, VT $212,900 18.80%
Battle Creek, MI $104,200 18.60%
Albany, NY $186,300 18.50%
Wenatchee, WA $196,800 18.40%
Allentown, PA-NJ $201,600 17.90%
Richmond, VA $185,400 17.10%
Philadelphia, PA $220,300 16.80%
Brunswick, GA $122,500 16.50%
Norwich-New London, CT $250,700 16.50%
Milwaukee, WI $191,000 16.00%
Boulder, CO $293,800 15.60%
Corvallis, OR $237,200 15.60%
Racine, WI $158,900 15.60%
Trenton, NJ $276,100 15.40%
Eau Claire, WI $125,600 15.30%
Kankakee, IL $127,000 15.10%
Rockford, IL $122,600 15.10%
Saginaw, MI $102,400 15.10%
Lansing, MI $136,600 14.70%
Niles-Benton Harbor, MI $127,100 14.70%
Reading, PA $162,200 14.50%
La Crosse, WI-MN $129,700 14.40%
New Haven, CT $260,400 13.80%
Lancaster, PA $174,700 13.30%
Ann Arbor, MI $216,100 12.80%
Ithaca, NY $150,400 12.30%
Provo, UT $190,500 11.90%
Holland, MI $157,200 11.70%
Warren, MI $191,200 11.40%
Madison, WI $199,000 11.30%
Fairbanks, AK $180,700 11.10%
Champaign, IL $117,800 11.00%
Mansfield, OH $111,000 10.80%
Boston-Quincy, MA $360,200 10.70%
Kalamazoo, MI $129,200 10.60%
Michigan City, IN $118,800 10.60%
Bridgeport, CT $466,800 9.80%
Muskegon, MI $104,600 9.80%
Lake-Kenosha, IL-WI $256,200 9.70%
Fort Collins, CO $220,500 9.60%
Kennewick, WA $142,600 9.20%
St. Louis, MO-IL $140,100 9.10%
Fond du Lac, WI $133,300 8.70%
Toledo, OH $117,800 8.70%
Lynchburg, VA $133,500 8.40%
Roanoke, VA $145,700 8.40%
Billings, MT $142,000 8.30%
Hickory, NC $102,900 8.30%
Fayetteville, AR-MO $129,200 8.20%
Lima, OH $105,000 8.20%
Yakima, WA $134,700 8.10%
Albuquerque, NM $170,900 8.00%
Salt Lake City, UT $211,100 8.00%
Kokomo, IN $100,300 7.70%
Waterloo, IA $104,400 7.60%
Gainesville, GA $147,900 7.50%
Youngstown, OH-PA $98,900 7.20%
Colorado Springs, CO $195,700 6.40%
Green Bay, WI $144,300 6.30%
Canton, OH $117,400 6.00%
Denver, CO $223,300 5.90%
Dubuque, IA $118,200 5.50%
Gary, IN $131,300 5.40%
Grand Rapids, MI $133,300 5.30%
Springfield, OH $108,100 5.20%
Las Cruces, NM $112,500 5.00%
Knoxville, TN $127,000 4.70%
Sheboygan, WI $139,000 4.70%
Hartford, CT $237,300 4.60%
Chattanooga, TN-GA $115,200 4.10%
Binghamton, NY $103,200 4.00%
Scranton, PA $119,500 3.70%
Utica, NY $104,600 3.70%
Cambridge-Framingham, MA $391,400 3.50%
Cleveland, OH $143,800 3.30%
Peoria, IL $109,600 3.30%
Anderson, SC $99,700 3.20%
Baton Rouge, LA $115,600 3.20%
Blacksburg, VA $123,800 3.20%
Davenport-Moline, IA-IL $103,000 3.20%
Harrisburg, PA $146,500 3.10%
Logan, UT-ID $152,700 3.10%
Mobile, AL $101,100 3.10%
Idaho Falls, ID $122,400 3.00%
Pueblo, CO $119,200 3.00%
Hattiesburg, MS $90,200 2.70%
Winston-Salem, NC $124,800 2.60%
Lexington, KY $139,400 2.40%
St. Joseph, MO-KS $96,500 2.40%
Durham, NC $163,200 2.30%
Bismarck ND $120,100 2.00%
Dalton, GA $107,200 1.80%
Joplin, MO $89,800 1.80%
Louisville, KY-IN $127,200 1.70%
Lebanon, PA $130,400 1.60%
Greensboro-High Point, NC $121,000 1.50%
Cheyenne, WY $147,600 1.40%
Athens, GA $139,500 1.20%
Kansas City, MO-KS $136,800 1.10%
Atlanta, GA $175,800 0.80%
Augusta, GA-SC $109,500 0.80%
Ogden, UT $168,500 0.70%
Raleigh-Cary, NC $173,100 0.20%
Rochester, MN $144,800 0.20%
Columbia, SC $117,300 0.10%
Wausau, WI $125,000 0.10%
Nashville, TN $158,500 0.00%
Oshkosh, WI $125,400 0.00%
Bloomington, IN $120,600 -0.10%
Burlington, NC $110,600 -0.10%
Columbus, OH $149,400 -0.40%
Erie, PA $99,400 -0.40%
Lafayette, LA $115,600 -0.40%
Appleton, WI $137,700 -0.50%
Bloomington-Normal, IL $131,900 -0.50%
Topeka, KS $101,800 -0.50%
Fargo, ND-MN $126,800 -0.60%
Spartanburg, SC $98,100 -0.90%
Springfield, IL $103,700 -1.20%
Sandusky, OH $127,800 -1.30%
Des Moines, IA $127,500 -1.40%
Anderson, IN $93,200 -1.60%
Cedar Rapids, IA $112,800 -1.70%
Akron, OH $133,800 -1.90%
Dayton, OH $120,200 -2.00%
Lawrence, KS $155,200 -2.00%
Syracuse, NY $114,100 -2.20%
Columbus, GA-AL $111,800 -2.40%
Bowling Green, KY $108,900 -2.50%
Columbus, IN $119,000 -2.60%
Greenville, SC $114,100 -2.80%
Pittsburgh, PA $111,400 -2.80%
Albany, GA $89,100 -2.90%
Amarillo, TX $88,200 -2.90%
Cincinnati, OH-KY-IN $140,100 -3.10%
Greenville, NC $95,600 -3.10%
Iowa City, IA $148,600 -3.20%
Sioux Falls, SD $120,400 -3.30%
Jackson, MS $102,600 -3.60%
Jefferson City, MO $111,300 -3.60%
Sherman, TX $82,000 -3.60%
South Bend, IN-MI $107,700 -4.30%
Charlotte, NC-SC $146,200 -4.60%
Lincoln, NE $127,200 -4.60%
Springfield, MO $113,600 -4.60%
Little Rock, AR $105,600 -4.90%
Evansville, IN-KY $98,300 -5.10%
Florence, SC $82,800 -5.10%
Houma, LA $98,600 -5.10%
Birmingham, AL $120,800 -5.20%
Omaha, NE-IA $122,900 -5.30%
Decatur, IL $81,200 -5.60%
Alexandria, LA $83,400 -5.70%
Columbia, MO $125,200 -5.80%
Buffalo, NY $112,900 -5.90%
Fort Wayne, IN $102,200 -5.90%
Macon, GA $100,000 -6.60%
Oklahoma City, OK $101,300 -6.60%
Rocky Mount, NC $90,900 -6.70%
Austin, TX $149,900 -6.80%
Fort Smith, AR-OK $80,400 -6.80%
Owensboro, KY $88,300 -7.10%
San Angelo, TX $80,700 -7.10%
Beaumont, TX $73,200 -7.30%
Warner Robins, GA $105,500 -7.40%
Corpus Christi, TX $92,000 -7.70%
Waco, TX $86,400 -7.70%
Elkhart, IN $113,700 -8.10%
Charleston, WV $89,700 -8.40%
Indianapolis, IN $136,700 -8.60%
Lubbock, TX $82,200 -8.70%
Tyler, TX $99,300 -8.70%
Rochester, NY $114,800 -9.10%
Abilene, TX $71,500 -9.20%
Wichita Falls, TX $76,900 -9.70%
Montgomery, AL $104,500 -9.90%
Memphis, TN-MS-AR $108,000 -10.10%
Decatur, AL $91,400 -10.30%
Tulsa, OK $97,800 -10.30%
Huntsville, AL $120,600 -10.40%
Monroe, LA $88,300 -10.60%
Lafayette, IN $114,000 -11.00%
San Antonio, TX $98,800 -11.40%
Longview, TX $83,500 -11.70%
Odessa, TX $57,800 -11.80%
Wichita, KS $95,500 -12.30%
New Orleans, LA $146,700 -12.40%
Shreveport, LA $95,700 -12.70%
McAllen, TX $58,400 -12.90%
El Paso, TX $94,000 -13.10%
Midland, TX $92,900 -13.60%
Killeen, TX $93,000 -15.10%

cbrsmurf
06-13-2006, 10:17 PM
reference:

http://www.usatoday.com/money/economy/housing/2006-06-13-overchart.htm

wanderer
06-13-2006, 11:11 PM
whew! glad my little podunk hometown ain't on there! woohoo!

BontaKun
06-13-2006, 11:14 PM
Hell yeah, who's down to move to Odessa, TX $57,800 -11.80%.

I could own a house there right now. And with my visa card, make a moat around it.

sersalaz
06-13-2006, 11:41 PM
whew! glad my little podunk hometown ain't on there! woohoo!

El Paso, TX $94,000 -13.10%


MINE WAS!!!

Cyanide41
06-13-2006, 11:53 PM
um... who the hell is buying houses in "Salinas, CA $608,600 79.10%" 600K is the average? Maybe I have been to the wrong parts of Salinas. Not even Steinbeck makes it sound that good.

Redtatt2
06-14-2006, 12:00 AM
Wow! That's fricken depressing...but thanks for sharing!!! NOT!!! haha!!

Lost
06-14-2006, 01:22 AM
There is alot those #'s don't tell you. In really overvalued areas (Places like Rancho Bernardo), you may get hurt if you sell today. In most areas in socal other than LA, and expensive areas in SD you not going to feel anything but a few years of slow growth. While they claim that these houses are overvalued, people are still paying for them. The years for double digit growth in socal are behind us for awhile, but these #'s do not take into account the amount of people that are looking to buy a house. In an area like temecula, homeowners are not going to see large if any decrease in housing prices. No matter what the alarmists say, there is still growth in the market. Over the next two years if houses do lose value the owners just need to wait and the will still make a profit in 2 years. Unless anyone here owns a house valued over 650k, you got nothing to worry about(another words you will see little to no depreciation).

This is all information from finance experts as well my personal view. I work on real estate valuation daily, but many experts are in agreement witht the views i have expressed.

TreAdidas
06-14-2006, 10:44 AM
I wonder who determined what the proper benchmark market value was? Who said Oshkosh, WI you have correct market values at $125,500, and Nashville, TN you have correct makret value at $158,500, therefore the over/under value % for these cities is 0.0%?

CjrJAM
06-14-2006, 02:00 PM
The cost of living in Cali really is incredibly high.
You can always move to Dallas and get this house for under 500,000 at a country club at that.

Lost
06-14-2006, 02:04 PM
I wonder who determined what the proper benchmark market value was? Who said Oshkosh, WI you have correct market values at $125,500, and Nashville, TN you have correct makret value at $158,500, therefore the over/under value % for these cities is 0.0%?

Exactly! It is alarmists that create these benchmarks. How can you say a house is over valued if people are happy to pay it?

NME
06-14-2006, 02:08 PM
:thumbsup: hey that's some good info:rolleyes:

TreAdidas
06-14-2006, 02:17 PM
Exactly! It is alarmists that create these benchmarks. How can you say a house is over valued if people are happy to pay it?

Exactly doesn't the market determine the value of the house anyways!? How can you say something is overvalued if the market says OK? I mean yeah... $875,000 for a condo is overvalued if it is in Cottonplant Arkansas, but it isn't necessarily undervalued if it is in say Pacific Beach.... Those stats listed above need to have that information.

techne
06-14-2006, 03:03 PM
Speaking of housing prices, two articles in the UT:

http://www.signonsandiego.com/news/business/20060614-9999-1b14prices.html
http://realestate.signonsandiego.com/area_homesales/index.php

With the second one being more interesting. Logan Heights is pretty pricey!

All you real estate people out there (Hey Carol!), I'm not an expert by any means, but how does one determine a "fair market value" for a home? With that in mind, the next question to ask is, "Given the prices in a particular area, is it worth it (i.e. desirable) to live here?" Who gets to determine the correctness about the perception about a given price (i.e. if the price is too high or too low)?

You could account for the tangibles: The desirability to of that place, the average income of that particular neighborhood, the demand for housing in that area, the performance of the school district, it accessibility to entertainment, distance from work, etc. But these alone does not "set" a price.

Finally, have we convinced ourselves these prices are fair? Is there an objective way to determine this? I guess like any market, it seems to subject to the whims of those who are already in it.

wanderer
06-14-2006, 07:33 PM
Finally, have we convinced ourselves these prices are fair? Is there an objective way to determine this? I guess like any market, it seems to subject to the whims of those who are already in it.

i'd gander a guess that the average income in this area to be in the area of 70-85K a year.

that being said, i guess that falls inline with average home values in the mid 500K area