TAMPA, Fla. — Even as higher interest rates have pushed home prices lower in other parts of the country, frustrated buyers in Florida have seen little relief.
A new study from Florida Atlantic University confirms that of the 100 most overpriced housing markets in the nation, seven of the top 10 are in Florida and three of those are in the Tampa Bay area – including Tampa, Lakeland and North Port.
FAU says the study compared current market prices in the nation’s top 100 markets with what prices would be based on historical trends.
Tampa was 42 percent higher. Lakeland 41 percent. And North Port was just short of that at 40.7.
Tampa real estate broker Cristan Fadal took issue with part of the study's findings, arguing that historically, the Tampa Bay area’s home prices were likely lower than they should have been.
“So, the baseline was just – was not accurate,” Fadal explains.
Fadal says it's also a matter of perspective.
People who've lived in the Bay area for years have come to expect lower prices. People just moving here still see the value.
That same study found the cities that are currently priced most in line with their historical valuations are New Orleans, Honolulu and San Fransisco.