Homes in 97% of cities in America are overvalued, according to Moody’s Analytics, with the most overvalued markets seeing homes priced at 50% to 70% more than they’re worth. But how long will this last?
Mark Zandi, the chief economist at Moody’s Analytics, explains why homes in so many cities across the U.S. are overvalued and how long this could last.
Zandi predicted that prices will start falling within the next few of years — but buyers will need to be patient. Idaho has four cities ranked in the top 15 overvalued markets on Moody’s list. Homes in Coeur d’Alene are 56% overpriced, while home prices in Pocatello and Idaho Falls are 49% and 49% overpriced, respectively.
Another factor in cities like Boise was the implementation of remote work during the pandemic. With more flexibility at work, many Americans left larger cities like San Francisco or Seattle for communities with comparatively cheaper housing prices.
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