In two NC cities, homes are overpriced by more than 50%, new study estimates

[Undilaemanchikalam]

• Charlotte: Overvalued by 55.25%. In April, the average buyer paid $372,300for a home estimated to be worth $239,804.
• Raleigh: Overvalued by 51.7%. In April, the average buyer paid $445,219 for a home estimated to be worth $293,494.
• Greensboro: Overvalued by 40.75%. In April, the average buyer paid $223,980for a home estimated to be worth $159,132.
• Winston-Salem: Overvalued by 39.28%. In April, the average buyer paid $229,612 for a home estimated to be worth $164,860.

AFFORDABILITY CRISIS COULD GET WORSE

Triangle Multiple Listing Service Executive Director Matt Fowler said he believes these numbers are vastly overstated and disputed the methodology by which the researchers arrive at the “expected price.”

Fowler highlighted another statistic instead — last month, Triangle MLS calculated that the median home in Wake County was selling for 6% above the price it was listed. Regionally, that figure was at 4%.

Fowler said Raleigh has a tenth of the inventory that’s considered healthy, contributing to a basic supply and demand crisis.

“It’s not that homes aren’t selling. It’s just the houses are selling so quickly, they’re selling faster than homes can come on the market,” he said. “That will slow with rising interest rates. We’re not quite there yet. We’re watching for it though.”

The research was headed up by Johnson, of FAU’s College of Business, and Eli Beracha, of Florida International University’s Holio School of Real Estate.

They have monthly data on single-family homes, townhomes, condominiums and co-ops dating back to 1996.

Recent buyers in many of these cities may have to endure stagnant or falling home values while the market settles — and that’s not what they want to hear if they had planned to resell anytime soon,” Johnson said.

Beracha said prolonged affordability issues could afflict growing population areas.

“In the prior downturn, many homes lost half of their values, but I don’t think we’ll see anything close to that this time around,” he said. “Still, it could be painful for many consumers who are buying near the top of the market.”
 

Here’s the full top 15:

1. Boise City, Idaho: 73%
2. Austin, Texas: 68%
3. Ogden, Utah: 65%
4. Las Vegas, Nevada: 61%
5. Atlanta, Georgia: 58%
6. Phoenix, Arizona: 58%
7. Provo, Utah: 57%
8. Fort Myers, Florida: 56%
9. Spokane, Washington: 56%
10. Salt Lake City, Utah: 56%
11. Charlotte: 55%
12. Lakeland, Florida: 53%
13. Tampa, Florida: 52%
14. Raleigh: 52%
15. Detroit, Michigan: 51%

[kevinUsa]

Okka tx city ledu endi ??

[Paamu]

But tagginappudu maatram max 5-10% tagguthay emo... then slow ga malli increase aythay. Sudden ga back to pre covid ante... chala mandiki nastam including americans. 

[Gcp]

32 minutes ago, kevinUsa said:

Okka tx city ledu endi ??

Austin

[mettastar]

33 minutes ago, kevinUsa said:

Okka tx city ledu endi ??

Austin undiga

[JollyReddy]

idaho ki evadu pothunnadu vayya asalu 

[AnandaVivek]

Austin overvalued but padadhu..so many tech companies here

[quickgun_murugun]

42 minutes ago, kevinUsa said:

Okka tx city ledu endi ??

Useless Austin undi list lo ! 
manchi city ni penta penta chesi 10ginru 1 year lo…. Unnecessary hype tho ! 

[quickgun_murugun]

1 minute ago, AnandaVivek said:

Austin overvalued but padadhu..so many tech companies here

Additional Growth ki scope ledu !  It will be full soon ! 

[bhaigan]

46 minutes ago, kevinUsa said:

Okka tx city ledu endi ??

Austin undi ga

1. Austin, Texas: 68%

[bhaigan]

40 minutes ago, Paamu said:

But tagginappudu maatram max 5-10% tagguthay emo... then slow ga malli increase aythay. Sudden ga back to pre covid ante... chala mandiki nastam including americans. 

how do you know this ? Are you real estate analyst outside ?

[Paamu]

1 hour ago, bhaigan said:

how do you know this ? Are you real estate analyst outside ?

No bro... chala mandi analysts, youtubers, afdbers edo okati cheptunnaru kada ani nenu kooda oka % esina. But taggithe maree pre covid povu kada. 

[Mr Mirchi]

1 hour ago, bhaigan said:

how do you know this ? Are you real estate analyst outside ?

Thappuga anukoku.. just common sense…max 10% fall if at all

[Higher_Purpose]

Tellollu edchi sastharemo 

already asburn lanti places lo more than 300% raise ayyela chesaru. Ee NC, va, TX desis population ekkada unte akkada house market sky rocket eh 

[phatposts]

8 hours ago, Higher_Purpose said:

Tellollu edchi sastharemo 

already asburn lanti places lo more than 300% raise ayyela chesaru. Ee NC, va, TX desis population ekkada unte akkada house market sky rocket eh 

edche vaadu eppudoo edustoone untadu. aa list lo anni desi lu chesinavi kaavu. Idaho, Tampa, Utah, Fort Myers, Lakeland, Detroit, Ogden ivanni desi lu bochu kooda settle avvataniki try cheyyaru.