Home ยป US Residential Real Estate Metro Area Valuation Rankings, July 2021

US Residential Real Estate Metro Area Valuation Rankings, July 2021

Greensboro, NC

The ten most undervalued residential real estate markets for July 2021: Florida and North Carolina account for 50% of the top ten markets.  These markets have current median sales prices that are 35% to 79% below our fair value estimates or UNDERVALUED.

Since last month, we have seen increases in the market valuation differentials in our two leading markets – Winstom-Salem, NC and Greensboro, NC. Compared to last month, Greensboro, NC had the largest increase in relative value differential across all markets (+13% points) which is attributed to higher rents, reduced unemployment and a slightly lower realized median sales price.

The ten most overvalued residential real estate markets are listed below. These markets have current median sales prices that are 22% to 40% above our fair value estimates or OVERVALUED.

Since last month, Denver joins the list, despite seeing an increased valuation estimate. Aside from this, we have not seen much relative change on the overvalued list. We have seen value differentials worsen but not by more than 3% points. San Jose and Wichita remain the two most overvalued markets in the US based on fundamentals.

The full updated MSA Valuation list for July 2021 is provided below:

RankMSAValuationMedian Sale PriceValue Diff to Mkt, $Value Diff to Mkt, %Value Diff Change MoM, %
1Winston-Salem, NC $   334,338 $        186,644 $         147,69479.1%7.5%
2Greensboro, NC $   291,825 $        180,539 $         111,28661.6%13.0%
3Fort Myers, FL $   413,150 $        259,409 $         153,74159.3%-2.5%
4Cleveland, OH $   268,757 $        179,469 $           89,28849.8%0.5%
5Miami-Fort Lauderdale, FL $   533,329 $        358,604 $         174,72548.7%1.6%
6Tampa, FL $   407,001 $        288,653 $         118,34841.0%0.7%
7Allentown, PA $   338,114 $        243,153 $           94,96139.1%-1.9%
8North Port-Sarasota-Bradenton, FL $   478,015 $        346,082 $         131,93338.1%1.9%
9Rochester, NY $   251,867 $        185,606 $           66,26135.7%-8.6%
10Lakeland, FL $   336,134 $        248,298 $           87,83635.4%-1.7%
11Memphis, TN $   305,238 $        227,019 $           78,21934.5%2.0%
12Philadelphia, PA $   376,110 $        286,261 $           89,84931.4%4.0%
13Springfield, MA $   334,477 $        263,042 $           71,43527.2%-6.0%
14Syracuse, NY $   216,045 $        170,332 $           45,71326.8%N/A
15Toledo, OH $   184,353 $        147,401 $           36,95225.1%2.9%
16Chicago, IL $   352,153 $        283,926 $           68,22724.0%-7.6%
17Knoxville, TN $   308,775 $        252,591 $           56,18422.2%-0.7%
18Atlanta, GA $   387,732 $        318,510 $           69,22221.7%0.6%
19Jacksonville, FL $   359,274 $        296,776 $           62,49821.1%9.1%
20Daytona Beach, FL $   331,738 $        274,892 $           56,84620.7%-0.3%
21Stockton, CA $   567,287 $        473,714 $           93,57319.8%0.1%
22Charlotte, NC $   387,907 $        324,485 $           63,42219.5%5.4%
23Orlando, FL $   364,377 $        307,241 $           57,13618.6%4.4%
24Riverside, CA $   565,265 $        481,436 $           83,82917.4%-2.4%
25Albany, NY $   268,464 $        229,049 $           39,41517.2%-5.9%
26Baltimore, MD $   376,229 $        322,694 $           53,53516.6%3.4%
27Cincinnati, OH $   260,104 $        224,771 $           35,33315.7%-12.2%
28Indianapolis, IN $   275,244 $        239,692 $           35,55214.8%-5.7%
29Dayton, OH $   193,010 $        169,060 $           23,95014.2%-0.7%
30Detroit, MI $   259,477 $        229,674 $           29,80313.0%-11.0%
31Pittsburgh, PA $   230,347 $        204,430 $           25,91712.7%-2.0%
32Fresno, CA $   384,448 $        341,501 $           42,94712.6%3.3%
33Columbia, SC $   245,429 $        218,585 $           26,84412.3%N/A
34Buffalo, NY $   220,959 $        198,042 $           22,91711.6%-6.6%
35Jackson, MS $   250,441 $        225,754 $           24,68710.9%-0.7%
36Baton Rouge, LA $   259,814 $        234,364 $           25,45010.9%3.5%
37New Haven, CT $   305,710 $        275,926 $           29,78410.8%1.5%
38El Paso, TX $   211,928 $        193,881 $           18,0479.3%-6.6%
39Boston, MA $   611,697 $        564,606 $           47,0918.3%-9.0%
40Hartford, CT $   290,110 $        269,163 $           20,9477.8%2.5%
41New York, NY $   545,101 $        508,297 $           36,8047.2%-6.9%
42Providence, RI $   372,391 $        349,174 $           23,2176.6%-3.1%
43Akron, OH $   178,614 $        167,721 $           10,8936.5%-2.4%
44St. Louis, MO $   232,870 $        219,483 $           13,3876.1%-7.6%
45New Orleans, LA $   258,177 $        243,862 $           14,3155.9%3.7%
46Birmingham, AL $   254,021 $        242,135 $           11,8864.9%-2.7%
47Harrisburg, PA $   226,580 $        216,365 $           10,2154.7%-2.5%
48Augusta, GA $   233,342 $        222,960 $           10,3824.7%-3.3%
49Grand Rapids, MI $   269,827 $        258,415 $           11,4124.4%-1.7%
50Oklahoma City, OK $   226,276 $        216,848 $             9,4284.3%-1.8%
51Minneapolis-St Paul, MN $   348,153 $        333,815 $           14,3384.3%4.5%
52Nashville, TN $   366,868 $        358,980 $             7,8882.2%-2.7%
53Columbus, OH $   252,044 $        248,637 $             3,4071.4%-3.4%
54Dallas-Fort Worth, TX $   340,402 $        338,239 $             2,1630.6%-2.9%
55Tulsa, OK $   214,825 $        214,466 $                3590.2%-5.0%
56Stamford, CT $   528,387 $        530,502 $          (2,115)-0.4%2.9%
57Worcester, MA $   344,372 $        347,343 $          (2,971)-0.9%0.2%
58Louisville-Jefferson County, KY $   221,652 $        223,607 $          (1,955)-0.9%2.1%
59Virginia Beach, VA $   280,657 $        284,764 $          (4,107)-1.4%-2.3%
60Bakersfield, CA $   288,485 $        293,294 $          (4,809)-1.6%0.6%
61Milwaukee, WI $   223,920 $        228,751 $          (4,831)-2.1%-3.3%
62Phoenix, AZ $   375,924 $        386,890 $        (10,966)-2.8%0.2%
63Las Vegas, NV $   337,896 $        350,890 $        (12,994)-3.7%-4.2%
64Greenville, SC $   237,708 $        246,999 $          (9,291)-3.8%-3.5%
65Ventura, CA $   723,557 $        752,004 $        (28,447)-3.8%-3.5%
66Raleigh, NC $   336,267 $        349,854 $        (13,587)-3.9%-5.7%
67Charleston, SC $   340,933 $        355,675 $        (14,742)-4.1%-3.2%
68Washington, DC $   457,858 $        481,322 $        (23,464)-4.9%-3.7%
69Tucson, AZ $   278,721 $        293,438 $        (14,717)-5.0%-2.1%
70Albuquerque, NM $   260,564 $        277,706 $        (17,142)-6.2%-4.2%
71Kansas City, MO $   246,116 $        269,957 $        (23,841)-8.8%-6.2%
72Sacramento, CA $   478,737 $        526,937 $        (48,200)-9.1%-1.1%
73Colorado Springs, CO $   382,606 $        424,084 $        (41,478)-9.8%-2.0%
74San Antonio, TX $   247,194 $        276,743 $        (29,549)-10.7%-4.3%
75Richmond, VA $   267,915 $        300,386 $        (32,471)-10.8%-0.3%
76Omaha, NE $   213,909 $        242,599 $        (28,690)-11.8%-2.3%
77Houston, TX $   260,084 $        296,370 $        (36,286)-12.2%-6.4%
78Little Rock, AR $   171,318 $        197,632 $        (26,314)-13.3%-1.1%
79Des Moines, IA $   212,864 $        246,746 $        (33,882)-13.7%-0.1%
80Madison, WI $   267,964 $        316,252 $        (48,288)-15.3%0.1%
81McAllen, TX $   155,442 $        186,155 $        (30,713)-16.5%N/A
82Boise City, ID $   376,551 $        457,797 $        (81,246)-17.7%1.0%
83Urban Honolulu, HI $   508,768 $        632,942 $      (124,174)-19.6%-2.4%
84Ogden, UT $   314,990 $        394,443 $        (79,453)-20.1%-4.5%
85Los Angeles-Long Beach-Anaheim, CA $   652,599 $        817,218 $      (164,619)-20.1%2.1%
86San Diego, CA $   591,636 $        741,076 $      (149,440)-20.2%0.3%
87Denver, CO $   408,991 $        524,848 $      (115,857)-22.1%-1.6%
88Portland, OR $   372,979 $        489,094 $      (116,115)-23.7%2.7%
89Fort Collins, CO $   338,518 $        454,541 $      (116,023)-25.5%-2.2%
90Austin, TX $   339,035 $        462,254 $      (123,219)-26.7%-2.8%
91Salt Lake City, UT $   324,276 $        449,105 $      (124,829)-27.8%-1.4%
92San Francisco, CA $   746,593 $     1,036,557 $      (289,964)-28.0%-1.3%
93Provo, UT $   312,431 $        441,684 $      (129,253)-29.3%-3.0%
94Seattle, WA $   450,987 $        638,836 $      (187,849)-29.4%-0.6%
95Wichita, KS $   126,402 $        194,826 $        (68,424)-35.1%-2.4%
96San Jose, CA $   751,095 $     1,260,839 $      (509,744)-40.4%0.5%