Michigan Town Tops List for the Most Overpriced, Inflated Housing Market
When you buy a new home, you want that home to be worth what you paid for it. In Michigan, one city is actually one of the worst to buy…
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When you buy a new home, you want that home to be worth what you paid for it. In Michigan, one city is actually one of the worst to buy a new house and get your money's worth. That city has been named one of the most overpriced, inflated housing markets in the U.S.
GoBankingRates.com has a new study out naming the "10 Most Overpriced Housing Markets in the U.S." In the study, they say, "Although the housing market is finally cooling down, there are some areas across the U.S. where the market remains hot, and buyers are still paying much more than homes are actually worth." They add that, "Florida Atlantic University determined the most overpriced housing markets in the nation by comparing the average expected home values based on historical trends to the average list prices across the 100 largest metro areas and finding the cities with the largest percent differences between the two."
Before we get to Michigan, No. 1 on this list is actually Atlanta, Georgia. In Atlanta, the average listing price is $357,677, but the expected home value is $236,627. Also, the difference between home value and list price is 51.16%. Are your surprised by the No. 1 pick?
Michigan Housing Market news:
I'm kind of surprised by this, but Detroit comes in at No. 7 on the list of the cities with the most overpriced homes. The average listing price is $226,101, but the expected home value is just $157,046. The difference between home value and list price is 43.97%. That's a big difference. Find the full list of GoBankingRates.com's "10 Most Overpriced Housing Markets in the U.S." here.
Housing costs are coming down a bit, largely because interest rates have been on the rise all year, but it's still a pretty expensive time to purchase a home. If you're looking to purchase a house, as it turns out, two Michigan cities have been ranked among the hottest housing markets in the U.S. The reason they're so hot, according to the report, is because they are more affordable than many other areas of the country.
Realitor.com has put together a list of the 20 hottest housing markets in America, based on the latest housing report. The study notes that the latest tally of the hottest housing markets are largely also very affordable markets, which is why they are so popular. "Pricey western markets have been replaced with more affordable markets in the Northeast and Midwest, which account for 17 of the 20 hot markets," the report states. "Overall, 16 of August’s hottest markets had median listing prices below the national median. The average listing price for the 20 hottest markets was $332,000 in August, 23.6% lower than the national median, the biggest gap between the metrics since August 2021. Overall, 13 states were represented on our list of top 20 hottest housing markets in August as buyers spread out to find affordable metro areas."
They also add that cost wise, prices are finally falling a little bit. Chances are, they'll fall more in the coming months. "The median national home price for active listings has finally showed signs of slowing, falling to $435,000 in August, up 14.3% year-on-year," the study states.
The states featured in Realtor.com's top 20 list this month are Connecticut, Indiana, Massachusetts, Maine, Michigan, North Carolina, New York, New Hampshire, Ohio, Pennsylvania, Rhode Island, Tennessee and Wisconsin. So, which Michigan cities made the cut? Read on for the full list of the 12 top hottest housing markets in the U.S., and find the full study with additional information here.
Top 12 Hottest Housing Markets in the U.S. for August/September 2022
This list is via Realtor.com.
12. Kingsport-Bristol-Bristol, Tenn.-Va.
Median Listing Price If Active Within Period: $289,900
Median Days On Market: 35
Viewers per Property vs US: 2.7
11. Reading, Pa.
Median Listing Price If Active Within Period: $264,950
Median Days On Market: 32
Viewers per Property vs US: 1.8
10. Springfield, Mass.
Median Listing Price If Active Within Period: $344,900
Median Days On Market: 33
Viewers per Property vs US: 1.9
9. Fort Wayne, Ind.
Median Listing Price If Active Within Period: $295,000
Median Days On Market: 29
Viewers per Property vs US: 1.8
8. Worcester, Mass.-Conn.
Median Listing Price If Active Within Period: $449,900
Median Days On Market: 30
Viewers per Property vs US: 1.8
7. Monroe, Mich.
Median Listing Price If Active Within Period: $245,950
Median Days On Market: 32
Viewers per Property vs US: 2.1
6. Portland-South Portland, Maine
Median Listing Price If Active Within Period: $550,000
Median Days On Market: 34
Viewers per Property vs US: 2.7
5. Burlington, N.C.
Median Listing Price If Active Within Period: $375,000
Median Days On Market: 27
Viewers per Property vs US: 1.8
4. Springfield, Ohio
Median Listing Price If Active Within Period: $167,400
Median Days On Market: 30
Viewers per Property vs US: 2.2
3. Rochester, N.Y.
Median Listing Price If Active Within Period: $225,450
Median Days On Market: 23
Viewers per Property vs US: 2.1
2. La Crosse-Onalaska, Wis.-Minn.
Median Listing Price If Active Within Period: $349,650
Median Days On Market: 27
Viewers per Property vs US: 2.2
1. Manchester-Nashua, N.H.
Median Listing Price If Active Within Period: $483,450
Median Days On Market: 27
Viewers per Property vs US: 3.2
