Flint Lands on List of Top 25 Most Overvalued Housing Markets in the Country
There's no doubt the housing market has been interesting as of late. Buyers in bidding wars are paying well over asking, or even appraised, prices. Finding inflated home prices isn't isolated to one area of the country or larger metropolitan areas, and interestingly enough one Genesee County area is ranking high in the overvalued housing market.
According to Fox 2, Moody’s Analytics released data showing the top 25 most overvalued housing markets in the country, and Flint landed right in the mix. According to the data released, 97% of U.S. metro areas are overpriced, with the most overvalued markets seeing homes priced at 50% to 70% more than they’re worth, showing the trend is filtering nationwide.
How Overvalued is the Flint Housing Market?
Fox 2 reports that Moody's Analytics data compiled a list of the 25 most overpriced markets in percentage form. Flint ranked 24th at 46%. It's noted it does not necessarily mean the city of Flint itself but included the metro area.
Although Flint ranked in the top 25, they weren't the highest-ranked area in Michigan. Muskegon 3rd by Moody's as 59% overvalued. According to the Detroit Free Press, there were more than a dozen Michigan metropolitan areas noted for being overpriced in the state by Moody's, but only Flint and Muskegon made the top 25.
Statistics like that leave many wondering what to do? According to Mark Zandi, the chief economist at Moody’s Analytics, the best advice is to sit tight.
"Some markets probably will see some price declines, particularly the most active markets", he said. "If you’re not in a big rush for whatever reason, it probably behooves you to be patient here".
So who ranked number 1? That honor went to Boise, Idaho with Moody's ranking of being 73% overvalued. Take a look at the full top 25 below.
Moody's Analytics Top 25 Most Overvalued Markets in the U.S
- Boise, Idaho: 73%
- Sherman-Denison, Texas: 60%
- Muskegon, Mich.: 59%
- Homosassa Springs, Fla.: 57%
- Morristown, Tenn.: 57%
- Lake Havasu City-Kingman, Ariz.: 56%
- Coeur d'Alene, Idaho: 56%
- Kahului-Wailuku-Lahaina, Hawaii: 55%
- Dalton, Ga.: 55%
- Flagstaff, Ariz.: 51%
- Pocatello, Idaho: 49%
- Albany, Ore.: 48%
- Palm Bay-Melbourne-Titusville, Fla.: 48%
- Bremerton-Silverdale, Wash: 48%
- Idaho Falls, Idaho: 48%
- Nashville-Davidson—Murfreesboro—Franklin, Tenn.: 48%
- Clarksville, Tenn.: 48%
- Myrtle Beach-Conway-North Myrtle Beach, S.C.: 47%
- Bellingham, Wash.: 47%
- Cleveland, Tenn.: 46%
- Phoenix-Mesa-Scottsdale, Ariz.: 46%
- Las Vegas-Henderson-Paradise, Nev.: 46%
- Asheville, N.C.: 46%
- Flint, Mich.: 46%
- Spokane-Spokane Valley, Wash.: 45%