Properties in these cities stay on the market longest, and sell for less than asking price.
Prospective buyers eying real estate deals in foreclosure-ridden Florida, where home prices have plummeted and unsold properties clog the market, might find fewer bargains than they’d expected. That’s because sellers in Orlando, Miami, Jacksonville and Tampa are likely to put their properties on the market for more than what they’re worth.
Full List: Where U.S. Homes Are Most Overpriced
They’re not alone. In these markets and elsewhere across the country, homeowners still have an inflated sense of what their properties will fetch. Only 49% of U.S. homeowners believe their home’s value has decreased in the past year, whereas prices have plunged for 72% of homes
America’s Top 5 Most Overpriced Markets
1. Orlando–Kissimmee, FL Metro Area
2. Miami-Fort Lauderdale–Pompano Beach, FL Metro Area
3. Jacksonville, FL Metro Area
4. Baltimore–Towson, MD Metro Area
5. Chicago–Naperville–Joliet, IL-IN-WI Metro Area
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