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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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!