The Southwest Florida region is the most overvalued housing market in the US, according to researchers at Florida Atlantic University and Florida International University, with hurricane-ravaged Cape Coral-Fort Myers surpassing Boise as the market selling at the highest premium.
The academic researchers note that at the end of August, buyers in that southwest Florida metro — which was battered by Hurricane Ian in September — are paying an average of 70.43 percent above the area's long-term pricing trend. Average home prices there are $429,775, but should be selling for $252,176, based on statistical modeling of past sales.
Boise is now number two, with buyers paying a premium of 62.66 percent above the area's long-term pricing trend, followed by Las Vegas, Palm-Bay-Melbourne, Atlanta, and Lakeland.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
