Researchers from Florida Atlantic University and Florida International University determined what markets were overvalued. Phillip Spears Getty Images

Nine Florida housing markets, including Miami, are among the most overpriced in the U.S., data from two state universities show.

The nine Florida markets were all listed as overvalued by double digits.

Of the biggest 100 U.S. metro housing markets considered overvalued, the Miami metro area ranked 11th at 34.7%.

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Cape Coral on the state’s Gulf Coast was listed as the most overpriced Florida area, ranked third at 38.9%.

Other Florida cities on the Top 100 list: Tampa (4th most overvalued), Palm Bay (7th), Lakeland (8th), Orlando (9th), North Port (12th), Deltona (13th) and Jacksonville (25th).

How FIU and FAU determined overvalued housing

Researchers from Florida Atlantic University and Florida International University determined what markets were overvalued by analyzing the percentage difference between the expected price of a home and what buyers are actually paying. The expected prices were calculated by a statistical model and the actual monthly prices paid came from the Zillow Home Value index.

Basically, if buyers paid more than expected, then that home was classified as overvalued.

The researchers then ranked the most overvalued housing markets of America’s 100 largest metro areas by determining the premiums buyers have been paying. The larger the premium, the more overpriced the market. The researchers’ data dates back to 1996 and covers single-family homes, townhomes, condominiums and co-ops.

A look at the most overpriced housing markets

Here is a look at South Florida:

#11 Miami

▪ Average price: $486,817

▪ Expected price: $361,407

▪ Overpriced: 34.7%

Here are the top five most overpriced housing markets in the U.S.:

#1 Atlanta

▪ Average price: $382,382

▪ Expected price: $270,644

▪ Overpriced: 41.29%

#2 Detroit

▪ Average price: $247,095

▪ Expected price: $175,984

▪ Overpriced: 40.41%

#3 Cape Coral

▪ Average price: $399,511

▪ Expected price: $287,573

▪ Overpriced: 38.92%

#4 Tampa

▪ Average price: $380,515

▪ Expected price: $276,275

Overpriced: 37.73%

#5 Las Vegas

▪ Average price: $419,751

▪ Expected price: $305,129

▪ Overpriced: 37.56%

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Patrick McCreless
The State
Patrick McCreless is the service journalism editor for The State, where he and a team of reporters write about trending news of the day and topics that help readers in their daily lives and better informs them about their communities. He attended Jacksonville State University in Alabama and grew up in Tuscaloosa, AL.