One factor that will slow down the exodus is the increased difficulty of moving out of state – it’s not easy, or cheap, to buy a home outside of California any more. But fewer people leaving will mean less inventory – and could ramp up the frenzy in 2022.

The researchers used open-source data from Zillow or other providers to score the top 100 overvalued or undervalued metro areas in the nation, ranking the cities by a percent premium homebuyers are paying in today’s market based on a history of past pricing.

Here’s how the top 10 rankings landed, according to the research:

  • Boise, Idaho, where homes are selling at an 80.6% premium.
  • Austin, Texas, at a 50.7% premium.
  • Ogden, at a 49.7% premium.
  • Provo, at a 46.2% premium.
  • Detroit, at a 45.6% premium.
  • Spokane, Washington, at a 45.2% premium.
  • Salt Lake City, Utah, at a 42.4% premium.
  • Phoenix at a 42.3% premium.
  • Las Vegas at a 41.9% premium.
  • Stockton, California, at a 38.5% premium.

The typical value of homes in Boise was over $523,300 as of the end of August, up more than 46% over the past year, according to Zillow.

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