What are the top five most overpriced real estate markets in the US?
What are some of the most over-priced markets in America?
According to Zillow, the top ten most overvalued real estate areas include Miami, Los Angeles, San Francisco, Las Vegas, Seattle and Austin.
The real estate site also revealed that Miami is the most expensive real estate market in the United States.
In contrast, San Jose has the least overvalued, with only three of the 10 most over priced real estate spots.
What is the reason for the over valuation?
Zillows chief economist, Scott Burns, explained that it has to do with the large number of new housing units being built in the market.
“If you take the entire Bay Area, the median price for homes is $1.2 million and the median income is $57,000, which is over $4,000 more than it was last year,” Burns told Business Insider.
“It is a very healthy market.”
The top 10 most expensive cities in America for homes: Los Angeles: $1,924,400 Las Vegas: $3,062,800 Miami: $2,908,400 San Francisco: $634,400 Seattle: $938,400 Austin: $5,722,400 Chicago: $8,719,400 Dallas: $4:521,400 Philadelphia: $7,847,200 Atlanta: $10,918,400 Orlando: $12,929,600 Houston: $15,906,400 Cincinnati: $16,944,400 Tampa Bay: $19,716,400 Pittsburgh: $23,721,600 New York City: $24,848,200 Boston: $26,726,200 San Diego: $29,822,600 Detroit: $31,826,600 San Francisco Bay Area: $35,821,300 Atlanta: “Over-the-top” luxury apartments are becoming more and more popular in the real estate industry.
These apartments are designed to appeal to the wealthy who are seeking the highest-end apartments available in a neighborhood.
According to Zilow, most luxury apartments on the market are priced at around $50 million to $60 million, with some having prices as high as $200 million.