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.Link to Full Article
was Detroit on this list by error? Unless Jared Goff is your name, who would willingly move to Detroit..??
What do you mean selling at 80% premium? Is it selling for 80% over asking price?
>ranking the cities by a percent premium homebuyers are paying in today’s market based on a history of past pricing.
They are a little vague on exactly how they calculated the percentages. But Boise was “up more than 46%” over the past year”, so the 80.6% must be based on where pricing was 2-3 years ago? It is a whopping amount, any way you slice it!