America’s Top 24 Overpriced Housing Markets

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It's no secret that housing costs have gone through the roof over the last decade. We looked at expected house prices vs. average house prices across the U.S. and found a stark contrast between expected and actual listing prices in several cities. Take a look at which U.S. cities have the most overpriced housing markets.

1. Atlanta, Georgia

Atlanta Georgia 1
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Atlanta tops the list with an average listing price of $357,677, contrasting sharply with the expected home value of $236,627. This 51.16% gap could be due to Atlanta's significant growth as a major economic and cultural center in the South.

2. Cape Coral, Florida

Cape Coral Florida
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Cape Coral's average listing price is a lofty $375,812, while the expected home value is $251,100, showing a 49.67% disparity. Cape Coral's desirable waterfront living and high demand in the Florida real estate market are likely factors here.

3. Charlotte, North Carolina

Charlotte North Carolina
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Charlotte's housing market sees an average listing price of $355,613, outpacing the expected home value of $240,670 by 47.76%. Charlotte's status as a financial hub and its rapid growth might be driving this substantial market overvaluation.

4. Memphis, Tennessee

Memphis Tennessee 1
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Memphis exhibits an average listing price of $225,958 against an expected home value of $154,575, a difference of 46.18%. Memphis's rich cultural heritage and ongoing urban development might be inflating the real estate values here.

5. Lakeland, Florida

Lakeland Florida
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Lakeland's housing market lists an average price of $303,766, which is considerably higher than the expected home value of $209,260, showing a 45.16% overvaluation. Lakeland's strategic location between major cities like Tampa and Orlando may be contributing to this market trend.

6. Palm Bay, Florida

Palm Trees Beach Florida
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Palm Bay's market sees an average listing price of $345,520, dwarfing the expected value of $238,308 by 44.99%. This gap might be due to Palm Bay's scenic location and the general trend of rising property values in Florida's coastal regions.

7. Detroit, Michigan

Detroit
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Detroit's housing market reflects an interesting contrast. The average listing price stands at $226,101, while the expected home value is $157,046, marking a 43.97% overvaluation. Detroit's ongoing revitalization efforts and historical significance could be influencing these inflated prices.

8. Deltona, Florida

Deltona City Hall Florida
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In Deltona, the average listing price is $334,978, significantly higher than the expected value of $233,050, resulting in a 43.74% difference. This overvaluation might be attributed to Deltona's proximity to major Florida attractions and its appeal as a growing residential area.

9. Tampa, Florida

Ybor City, Tampa, Florida
Image Credit: Joe Giannotti, Own Work – CC BY-SA 3.0/Wiki Commons.

Tampa's real estate market presents a noteworthy discrepancy. The average listing price of $361,065 overshadows the expected value of $252,643, indicating a 42.9% overvaluation. Tampa's allure as a coastal city with a booming job market could be inflating housing prices beyond their actual worth.

10. Nashville, Tennessee

Nashville Tennesse
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Nashville, known for its vibrant music scene, showcases a significant gap in its housing market. With an average listing price of $420,932 versus an expected value of $296,827, the market is inflated by 41.81%. This disparity may stem from Nashville's growing popularity as a cultural and economic hub, driving up demand and prices.

11. Knoxville, Tennessee

Ayres Hall UT
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Knoxville, with its average listing price of $330,949 against an expected home value of $236,843, shows a 39.73% overvaluation. Knoxville's appeal as a gateway to the Great Smoky Mountains and its growing economy might be contributing to these inflated real estate prices.

12. North Port, Florida

Warm Mineral Springs Park North Port Florida
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North Port's market sees an average listing price of $454,930, towering over the expected value of $327,986, a difference of 38.70%. North Port's reputation as a tranquil yet growing city could be driving its housing prices up.

13. Orlando, Florida

Orlando City in Florida
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Orlando's market is marked by an average listing price of $386,244, significantly higher than the expected value of $279,750, a 38.07% disparity. Orlando's status as a major tourist destination and a rapidly expanding urban area may be inflating its housing costs.

14. Durham, North Carolina

Durham North Carolina
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In Durham, the average listing price is $399,402, whereas the expected home value is $297,722, indicating a 34.13% overvaluation. Durham's strong academic and research sectors, along with its historical significance, might be impacting its housing market.

15. Winston, North Carolina

Winston Salem North Carolina
Image Credit: Kevin Ruck.

Winston’s real estate market shows a notable gap, with an average listing price of $255,484 compared to an expected value of $190,505, a 34.11% overvaluation. Winston's rich historical background and economic development could be factors in this market trend.

16. Las Vegas, Nevada

Las Vegas scaled e1703693753129
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Las Vegas, known for its entertainment industry, exhibits a housing market with an average listing price of $405,754 and an expected value of $292,856, a difference of 38.55%. Las Vegas's global appeal and growing population might be pushing its real estate values higher.

17. Deltona, Florida

Deltona, FL
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Deltona's market shows an average listing price of $341,192, significantly outpacing the expected value of $248,175 by 37.48%. Deltona's growing residential appeal in central Florida may be contributing to this real estate trend.

18. Phoenix, Arizona

Phoenix Arizona
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Phoenix, with its average listing price of $448,225, greatly exceeds the expected home value of $334,289, showing a 34.08% overvaluation. Phoenix's status as a major metropolitan area with a growing tech industry could be inflating its housing prices.

19. Greensboro, North Carolina

Greensboro North Carolina
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Greensboro’s housing market has an average listing price of $243,737, surpassing the expected home value of $182,199 by 33.78%. Greensboro's historical significance and economic development are likely influencing its real estate market.

20. Modesto, California

Modesto California
Image Credit: Jon Roanhaus, Own Work – CC BY-SA 4.0/Wiki Commons.

Modesto's market is characterized by an average listing price of $447,313, which is higher than the expected home value of $335,284, a 33.41% difference. Modesto's central location in California and its agricultural significance might be driving these market prices.

21. Columbus, Ohio

Columbus Ohio
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Columbus presents a housing market with an average listing price of $299,588, higher than the expected value of $224,663, a difference of 33.35%. Columbus's growing economic and cultural influence in the Midwest could be affecting its real estate values.

22. Cleveland, Ohio

Cleveland, Ohio
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In Cleveland, the average listing price of $214,136 exceeds the expected home value of $160,722 by 33.23%. Cleveland's rich cultural heritage and ongoing urban development might be contributing to these inflated real estate prices.

23. Jacksonville, Florida

Jacksonville, FL
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Jacksonville’s market reflects an average listing price of $351,548, significantly higher than the expected value of $265,521, indicating a 32.68% overvaluation. Jacksonville's coastal location and economic growth are likely factors in this market trend.

24. Grand Rapids, Michigan

Blue Bridge in Grand Rapids Michigan
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Grand Rapids shows a housing market with an average listing price of $303,615, towering over the expected home value of $230,739 by 31.58%. Grand Rapids's growing reputation as a cultural hub in Michigan might be driving its housing prices.

All data was obtained via several open-source real estate datasets and Florida Atlantic University’s Top 100 U.S. Housing Markets research.

Author: Katy Willis

Title: Editor

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Katy is a writer, science fiction aficionado, game geek, and green-living, planet-loving techno-hippie who has been writing about all of her favorite things since 2008. She's logged hundreds of hours playing sandbox survival and dystopian horror games, knows everything there is to know about Doctor Who, LotR, TWD, and GoT, is endlessly fascinated by dragons, magic, and fantasy, and thinks alternative reality, zombies, and cyberpunk culture are the epitome of cool.