A new study released today by researchers at Florida Atlantic University and Florida International University, says Tampa homes are currently overvalued by 40% above historic pricing.
The study, which looked at America’s 100 largest metros and used publicly available housing data, ranked the Tampa area the 14th most inflated in the country, with nearby Lakeland ranking 12th.
“If you’re buying a home in these metros across Florida, Ohio and other areas, it’s imperative that you know you’re buying close to the peak of the market,” said Johnson, an economist for FAU Executive Education within the College of Business, in a statement. “The danger is that prices will soon level off or even decline, and you’ll be stuck in that home for a significant amount of time before you can sell it at a profit that makes financial sense.”
According to the study Boise, Idaho, is the most overvalued market, where buyers pay about 77% more, followed by Austin, Texas, with 60%.