Is your city’s housing market wildly overpriced or hiding a surprising deal? Let’s find out.
Eli Beracha, director of Florida International University’s Hollo School of Real Estate and Hollo Research Fellow, in collaboration with economist Ken H. Johnson, has developed a monthly resource designed to enhance understanding of pricing dynamics across the U.S. housing market. Known as the Beracha and Johnson Housing Market Ranking, this initiative evaluates the top 100 metropolitan housing markets by measuring the extent to which current home prices deviate from their historically implied values.
The ranking utilizes publicly available housing price indices in conjunction with statistical modeling to estimate what average home prices should be, based on each market’s historical trajectory. A positive deviation from this benchmark indicates a pricing premium, suggesting the market may be overvalued. A negative deviation reflects a discount, which may point to potential undervaluation.
This methodology extends beyond the capabilities of traditional indices such as Case-Shiller by not only tracking price trends but also quantifying whether markets are misaligned with long-term pricing fundamentals. The resulting analysis provides a more nuanced perspective on housing affordability and market efficiency, offering valuable insights for consumers, industry professionals, and policymakers alike.
Top 100 U.S. Housing Market Rankings: January 2025
|
Rank
|
City
|
Premium
|
|
1
|
Detroit, MI
|
26.796%
|
|
2
|
Cleveland, OH
|
24.032%
|
|
3
|
Las Vegas, NV
|
22.436%
|
|
4
|
New Haven, CT
|
21.397%
|
|
5
|
Worcester, MA
|
21.210%
|
|
6
|
Akron, OH
|
20.254%
|
|
7
|
Knoxville, TN
|
19.931%
|
|
8
|
Rochester, NY
|
19.102%
|
|
9
|
Hartford, CT
|
18.932%
|
|
10
|
Atlanta, GA
|
18.911%
|
|
11
|
Toledo, OH
|
18.461%
|
|
12
|
Cincinnati, OH
|
18.319%
|
|
13
|
Grand Rapids, MI
|
17.781%
|
|
14
|
Winston, NC
|
17.565%
|
|
15
|
Syracuse, NY
|
17.110%
|
|
16
|
Columbus, OH
|
17.095%
|
|
17
|
Charlotte, NC
|
16.690%
|
|
18
|
Greensboro, NC
|
16.462%
|
|
19
|
Modesto, CA
|
16.271%
|
|
20
|
Memphis, TN
|
16.068%
|
|
21
|
Bridgeport, CT
|
15.626%
|
|
22
|
Albuquerque, NM
|
15.345%
|
|
23
|
Providence, RI
|
15.236%
|
|
24
|
Chattanooga, TN
|
14.984%
|
|
25
|
Milwaukee, WI
|
14.947%
|
|
26
|
Columbia, SC
|
14.729%
|
|
27
|
Durham, NC
|
14.624%
|
|
28
|
Chicago, IL
|
14.237%
|
|
29
|
Scranton, PA
|
13.220%
|
|
30
|
Orlando, FL
|
13.211%
|
|
31
|
Greenville, SC
|
12.730%
|
|
32
|
Tulsa, OK
|
12.712%
|
|
33
|
Palm Bay, FL
|
12.566%
|
|
34
|
Miami, FL
|
12.501%
|
|
35
|
Allentown, PA
|
12.406%
|
|
36
|
Kansas City, MO
|
12.253%
|
|
37
|
Louisville, KY
|
11.842%
|
|
38
|
St. Louis, MO
|
11.728%
|
|
39
|
Omaha, NE
|
11.652%
|
|
40
|
Tampa, FL
|
11.584%
|
|
41
|
Lakeland, FL
|
11.532%
|
|
42
|
El Paso, TX
|
11.288%
|
|
43
|
Wichita, KS
|
11.153%
|
|
44
|
Ogden, UT
|
11.113%
|
|
45
|
Charleston, SC
|
11.057%
|
|
46
|
Bakersfield, CA
|
10.848%
|
|
47
|
Phoenix, AZ
|
10.274%
|
|
48
|
Buffalo, NY
|
10.229%
|
|
49
|
Deltona, FL
|
10.128%
|
|
50
|
Madison, WI
|
10.001%
|
|
51
|
Stockton, CA
|
9.976%
|
|
52
|
Boise City, ID
|
9.970%
|
|
53
|
Tucson, AZ
|
9.925%
|
|
54
|
Springfield, MA
|
9.809%
|
|
55
|
Indianapolis, IN
|
9.765%
|
|
56
|
Jacksonville, FL
|
9.709%
|
|
57
|
Augusta, GA
|
9.650%
|
|
58
|
Raleigh, NC
|
9.519%
|
|
59
|
Harrisburg, PA
|
8.788%
|
|
60
|
Boston, MA
|
8.777%
|
|
61
|
Fresno, CA
|
8.479%
|
|
62
|
Cape Coral, FL
|
8.067%
|
|
63
|
Riverside, CA
|
8.052%
|
|
64
|
Richmond, VA
|
7.899%
|
|
65
|
San Diego, CA
|
7.881%
|
|
66
|
Philadelphia, PA
|
7.538%
|
|
67
|
Nashville, TN
|
7.530%
|
|
68
|
Provo, UT
|
6.847%
|
|
69
|
Spokane, WA
|
6.742%
|
|
70
|
Salt Lake City, UT
|
6.610%
|
|
71
|
Birmingham, AL
|
6.479%
|
|
72
|
Jackson, MS
|
5.732%
|
|
73
|
Seattle, WA
|
5.680%
|
|
74
|
Des Moines, IA
|
5.562%
|
|
75
|
Oklahoma City, OK
|
5.497%
|
|
76
|
North Port, FL
|
5.398%
|
|
77
|
Albany, NY
|
4.869%
|
|
78
|
New York, NY
|
4.443%
|
|
79
|
Minneapolis, MN
|
4.376%
|
|
80
|
San Jose, CA
|
4.344%
|
|
81
|
Oxnard, CA
|
3.947%
|
|
82
|
Dallas, TX
|
2.932%
|
|
83
|
Sacramento, CA
|
2.881%
|
|
84
|
Little Rock, AR
|
2.683%
|
|
85
|
Colorado Springs, CO
|
2.533%
|
|
86
|
Los Angeles, CA
|
1.931%
|
|
87
|
McAllen, TX
|
1.467%
|
|
88
|
Virginia Beach, VA
|
1.271%
|
|
89
|
Houston, TX
|
1.209%
|
|
90
|
Pittsburgh, PA
|
0.515%
|
|
91
|
Denver, CO
|
0.135%
|
|
92
|
Baltimore, MD
|
-1.239%
|
|
93
|
Baton Rouge, LA
|
-1.570%
|
|
94
|
Washington, DC
|
-2.018%
|
|
95
|
San Antonio, TX
|
-4.105%
|
|
96
|
Portland, OR
|
-4.141%
|
|
97
|
Austin, TX
|
-6.162%
|
|
98
|
San Francisco, CA
|
-9.531%
|
|
99
|
New Orleans, LA
|
-14.167%
|
|
100
|
Urban Honolulu, HI
|
-14.314%
|
Eli Beracha is a professor in the Master of Science in International Real Estate program, which is ranked No. 1 globally for its cutting-edge real estate research by the Journal of Real Estate Literature. To deepen your knowledge of real estate investments and all aspects of the field, visit the Master of Science in International real estate program page.