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Florida, Ohio Among the Nation's Most Overvalued Housing Markets

Housing Markets

Florida, Ohio Among the Nation's Most Overvalued Housing Markets

As more Americans migrate from major cities like New York and San Francisco, states like Florida, Ohio, and Idaho are seeing higher populations as well as much higher prices

January 27, 2022
tampa florida housing market

Among the nation’s most overpriced housing markets, Florida and Ohio are taking the top spots with some homes listed at more than 40% above historic pricing, Florida Atlantic University reports. Homebuyers in overpriced markets could be taking a serious gamble if prices soon level off or decline, but metro areas with low housing inventories and a steady influx of new residents are expected to withstand a real estate slowdown caused by rising mortgage rates.

Though traditionally expensive, San Francisco and New York are actually among the nation’s least overvalued markets, and instead, buyers in cities like Boise, Idaho, are paying roughly 77% more than historic price averages. Among the 33 most inflated U.S. markets at the end of December 2021, Florida took seven spots, while four Ohio metros ranked in the top third.

“If you’re buying a home in these metros across Florida, Ohio and other areas, it’s imperative that you know you’re buying close to the peak of the market,” said Johnson, an economist for FAU Executive Education within the College of Business. “The danger is that prices will soon level off or even decline, and you’ll be stuck in that home for a significant amount of time before you can sell it at a profit that makes financial sense.”

The nation’s most overvalued market remains Boise, Idaho, where buyers pay about 77 percent more than they should, based on past pricing trends. Austin, Texas, is second, with buyers paying a premium of about 60 percent.

Utah has three metros in the Top 10: Ogden (3), Provo (5) and Salt Lake City (9). The full rankings with interactive graphs can be viewed here.

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