The Most Overpriced Housing Markets Of 2023

Housing markets across the United States have witnessed a general tightening in inventory as well as high prices, though down a bit from their peaks in 2021 and 2022 before the regiment of rate hikes instituted by the Federal Reserve commenced. While prices may be down from their recent highs, affordability still remains a major issue in many major housing markets.

We wanted to identify the most overpriced housing markets in the U.S. based, not simply on possessing a high sale price, but on key metrics such as the sales-to-list ratio and the percentage of homes in a city that sold above asking price. To get these metrics, we sourced data from Redfin
RDFN
, including those two mentioned plus median sale price, available inventory, monthly number of active listings, and median number of days on market before a home is bought up.