Top 10 Most Undervalued Cities in Florida
Posted by Benjamin Dona on Thursday, December 9th, 2010 at 4:36pm.
According to the newly released 2010 report compiled by IHS Global Insight and PNC Financial Services, here are the top ten most undervalued cities for home prices within the state of Florida.
The rankings were derived from comparisons of median home prices, population densities and income, and historical premiums or discounts that the areas have exhibited in the past. In their January 2006 report, Naples was deemed most overvalued, with 84% of homes valued over the fair market price. Today, Naples real estate sells at a 29% discount and the median home price is just $165,500, down from more than $390,000 four and more years ago.
Florida's Most Undervalued Cities
|Top 10 Most Undervalued Cities in Florida|
|City||Median Price||% Undervalued|
|Port St. Lucie||$115,600||-33.3%|
|West Palm Beach||$164,400||-30.3%|
Nationwide, 242 of 330 markets are considered priced below fair market value. Las Vegas was ranked number one with properties selling at a 41.4% discount and a median home price of $129,700.
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