A recent Forbes article ranked the Baltimore metro area as the fourth most overpriced area in the United States. Francesca Levy of Forbes wrote a piece titled "Where U.S. homes are most overpriced" that was republished at realestate.msn.com.
According to the December 3rd, 2009 Forbes article, the top ten overpriced metro areas in the U.S. are:
1. Orlando-Kissimmee, Florida
2. Miami-Fort Lauderdale-Pompano Beach, Florida
3. Jacksonville, Florida
4. Baltimore-Towson, Maryland
5. Chicago-Naperville-Joliet, Illinois-Indiana-Wisconsin
6. San Antonio, Texas
7. Denver-Aurora, Colorado (tied)
7. Tampa-St. Petersburg and Clearwater, Florida (tied)
9. Indianapolis-Carmel, Indiana
10. Austin-Round Rock, Texas (tied)
10. Nashville-Davidson-Murfreesboro-Franklin, Tennessee (tied)
To read the original Forbes article and view the full list of the most overpriced metro areas in the U.S. go here Forbes.com.
The interactive table in the Forbes article ranks the Baltimore metro area ninth (9th) when looking at Properties with Price Reductions, eight (8th) when considering List Price versus Absorbed Price, tenth (10th) in Days On Market, and twenty-first on the Five Year Price Forecast.
Quantifying what buyers, sellers and their real estate agents already intuitively know will not change the situation. Sellers who can price to the current market or get out ahead of the current declining market will get their homes sold first. Other sellers who cannot or will not make price adjustments will continue to see their home go unsold. Buyers almost always instinctively know before sellers where the market is and where it is likely to go.
If you are interested in buying or renting a home in Annapolis, Maryland or the surrounding area and want to tour any property currently on the market, or if you have a home to sell or rent in Annapolis, Maryland and want a professional consultation on current market conditions, please contact me at 410-923-3217 or e-mail me at showell@cbmove.com or visit my website at LiveInAnnapolis.com.
Stephen Howell came to Annapolis to sail the Bay in 1994. What he discovered was a whole new lifestyle. Ever since Stephen Howell has been successfully helping others make the most of Annapolis. You'll find that with the right professional by your side, you can Live the Lifestyle and Live in Annapolis.
Stephen Howell and Rocky (his lab-mix from the SPCA of Anne Arundel County in Annapolis) live on the Chesapeake Bay near Annapolis, Maryland. He works in the Annapolis real estate market. His website lets people search the Washington and Baltimore metropolitan area MLS. Buyers can also search for waterfront homes along the Chesapeake Bay. His website has current real estate data on Annapolis, Anne Arundel County, and Maryland.
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Stephen, That is a bit surprising to me, as I was thinking it would be more CA, AZ & FL! This so goes to prove that prices are LOCAL! Interesting. All the best, Michelle
Michelle,
Florida holds spots one through three while major metro-California still making the list of top 40 now rank at the bottom. California sellers may now be more realistic about selling their home while metro-Baltimore area sellers continue to hold onto over inflated values of their homes!!!
Stephen