Home » US Residential Real Estate Metro Area Valuation Rankings, June 2021

US Residential Real Estate Metro Area Valuation Rankings, June 2021

Residential Real Estate

The ten most undervalued residential real estate markets for June 2021: Florida and North Carolina account for 70% of the top ten markets.  These can be primarily attributed to relatively attractive Price-to-Rent ratios (FL) and tight inventories (NC).

The ten most overvalued residential real estate markets are listed below.  Not surprisingly, Los Angeles is on the list. With a Price-to-Rent multiple over 27x, 9.2% unemployment rate, and 3.2% labor force decline since pre-pandemic, it is easy to see why. 

Five other MSAs on the overvalued list saw the largest value increases in the last twelve months (Austin, Provo, Salt Lake City, San Francisco, and Seattle). Key fundamentals for these market will need to improve to substantiate the current frothy price levels.

Full Market valuations compared against most recent median sale prices by MSA. Markets are ranked based on most undervalued. For methodology and full detail behind valuations, read the full article here.

RankMSAValuationMedian Sale PriceValue Diff, $Value Diff, %
1Winston-Salem, NC $   332,304 $        193,620 $   138,68472%
2Fort Myers, FL $   410,270 $        253,612 $   156,65862%
3Cleveland, OH $   262,227 $        175,674 $     86,55349%
4Greensboro, NC $   276,288 $        185,922 $     90,36649%
5Miami-Fort Lauderdale, FL $   521,419 $        354,321 $   167,09847%
6Rochester, NY $   259,051 $        179,493 $     79,55844%
7Allentown, PA $   335,502 $        238,013 $     97,48941%
8Tampa, FL $   396,288 $        282,423 $   113,86540%
9Lakeland, FL $   332,490 $        242,547 $     89,94337%
10North Port-Sarasota-Bradenton, FL $   461,385 $        338,725 $   122,66036%
11Springfield, MA $   342,978 $        257,667 $     85,31133%
12Memphis, TN $   296,099 $        223,487 $     72,61232%
13Chicago, IL $   364,448 $        276,901 $     87,54732%
14Cincinnati, OH $   280,478 $        219,260 $     61,21828%
15Philadelphia, PA $   358,405 $        281,309 $     77,09627%
16Detroit, MI $   282,048 $        227,552 $     54,49624%
17Albany, NY $   276,045 $        224,282 $     51,76323%
18Knoxville, TN $   305,539 $        248,622 $     56,91723%
19Toledo, OH $   178,743 $        146,358 $     32,38522%
20Atlanta, GA $   374,704 $        309,259 $     65,44521%
21Daytona Beach, FL $   328,749 $        271,653 $     57,09621%
22Indianapolis, IN $   282,549 $        234,384 $     48,16521%
23Riverside, CA $   564,180 $        470,958 $     93,22220%
24Stockton, CA $   553,086 $        462,326 $     90,76020%
25Buffalo, NY $   229,759 $        194,420 $     35,33918%
26Boston, MA $   647,516 $        551,958 $     95,55817%
27El Paso, TX $   221,144 $        190,730 $     30,41416%
28Dayton, OH $   191,974 $        167,169 $     24,80515%
29Pittsburgh, PA $   231,362 $        201,832 $     29,53015%
30Orlando, FL $   346,023 $        302,948 $     43,07514%
31New York, NY $   570,172 $        499,433 $     70,73914%
32Charlotte, NC $   360,403 $        315,742 $     44,66114%
33St. Louis, MO $   246,910 $        217,161 $     29,74914%
34Baltimore, MD $   358,108 $        316,310 $     41,79813%
35Jacksonville, FL $   324,673 $        289,899 $     34,77412%
36Jackson, MS $   251,446 $        225,250 $     26,19612%
37Providence, RI $   373,058 $        339,796 $     33,26210%
38Fresno, CA $   367,781 $        336,570 $     31,2119%
39New Haven, CT $   296,001 $        270,922 $     25,0799%
40Akron, OH $   177,890 $        163,371 $     14,5199%
41Augusta, GA $   235,470 $        218,134 $     17,3368%
42Birmingham, AL $   254,745 $        236,718 $     18,0278%
43Baton Rouge, LA $   249,013 $        231,916 $     17,0977%
44Harrisburg, PA $   227,299 $        211,904 $     15,3957%
45Oklahoma City, OK $   228,954 $        215,744 $     13,2106%
46Grand Rapids, MI $   268,502 $        253,122 $     15,3806%
47Hartford, CT $   277,386 $        263,484 $     13,9025%
48Tulsa, OK $   222,461 $        211,551 $     10,9105%
49Nashville, TN $   365,357 $        348,155 $     17,2025%
50Columbus, OH $   252,954 $        241,399 $     11,5555%
51Dallas-Fort Worth, TX $   341,228 $        329,447 $     11,7814%
52New Orleans, LA $   248,858 $        243,673 $       5,1852%
53Raleigh, NC $   344,172 $        338,081 $       6,0912%
54Milwaukee, WI $   226,958 $        224,275 $       2,6831%
55Virginia Beach, VA $   282,679 $        280,195 $       2,4841%
56Las Vegas, NV $   346,220 $        344,518 $       1,7020%
57Minneapolis-St Paul, MN $   325,799 $        326,472 $        (673)0%
58Greenville, SC $   241,471 $        242,174 $        (703)0%
59Ventura, CA $   730,947 $        733,186 $     (2,239)0%
60Charleston, SC $   344,154 $        347,367 $     (3,213)-1%
61Worcester, MA $   335,770 $        339,313 $     (3,543)-1%
62Washington, DC $   462,527 $        468,255 $     (5,728)-1%
63Albuquerque, NM $   266,360 $        271,625 $     (5,265)-2%
64Bakersfield, CA $   284,943 $        291,409 $     (6,466)-2%
65Kansas City, MO $   258,230 $        265,138 $     (6,908)-3%
66Tucson, AZ $   277,545 $        285,732 $     (8,187)-3%
67Louisville-Jefferson County, KY $   215,734 $        222,260 $     (6,526)-3%
68Phoenix, AZ $   362,948 $        374,463 $   (11,515)-3%
69Stamford, CT $   503,840 $        520,953 $   (17,113)-3%
70Houston, TX $   274,563 $        291,458 $   (16,895)-6%
71San Antonio, TX $   254,133 $        271,502 $   (17,369)-6%
72Colorado Springs, CO $   378,807 $        410,917 $   (32,110)-8%
73Sacramento, CA $   472,642 $        513,869 $   (41,227)-8%
74Omaha, NE $   219,034 $        242,022 $   (22,988)-9%
75Richmond, VA $   264,518 $        295,494 $   (30,976)-10%
76Little Rock, AR $   170,617 $        194,266 $   (23,649)-12%
77Des Moines, IA $   209,809 $        242,886 $   (33,077)-14%
78Madison, WI $   270,848 $        320,008 $   (49,160)-15%
79Ogden, UT $   322,239 $        381,854 $   (59,615)-16%
80Urban Honolulu, HI $   508,712 $        614,591 $ (105,879)-17%
81Boise City, ID $   361,761 $        445,117 $   (83,356)-19%
82San Diego, CA $   575,106 $        723,010 $ (147,904)-20%
83Denver, CO $   405,788 $        510,429 $ (104,641)-21%
84Los Angeles-Long Beach-Anaheim, CA $   621,235 $        799,262 $ (178,027)-22%
85Fort Collins, CO $   343,911 $        448,331 $ (104,420)-23%
86Austin, TX $   339,818 $        446,464 $ (106,646)-24%
87Provo, UT $   317,014 $        430,141 $ (113,127)-26%
88Salt Lake City, UT $   321,830 $        436,962 $ (115,132)-26%
89Portland, OR $   352,101 $        478,823 $ (126,722)-26%
90San Francisco, CA $   745,293 $     1,016,642 $ (271,349)-27%
91Seattle, WA $   438,868 $        616,198 $ (177,330)-29%
92Wichita, KS $   125,816 $        187,058 $   (61,242)-33%
93San Jose, CA $   735,104 $     1,244,540 $ (509,436)-41%