The housing market continues to be hot in Florida—perhaps more than it should be.
Nine of the top 14 most overpriced housing markets are in the Sunshine State, according to an analysis by researchers at Florida Atlantic University and Florida International University. The data looks at actual home sales in a particular metro area compared to its historical projection of prices—giving buyers a sense of whether a particular market is potentially over- or underpriced.
The Cape Coral-Fort Myers metro area ranked sixth nationwide in the latest data. The average price of $381,809 is about 42% over its expected price of $268,548.
Like housing nationwide, costs started to soar in the early days of the pandemic. The good news: The Cape Coral-Fort Myers market may have peaked in July of last year, when it was 52% overvalued.