Is Your Local Real Estate Market Undervalued? Check the List
Nearly all markets — 242 of 330 — are considered priced below fair market according to the newly released 2010 report compiled by IHS Global Insight and PNC Financial Services.
These judgments are determined by comparing median home prices, local interest rates, population densities and income, plus historical premiums or discounts that areas have exhibited over time.
Check the most undervalued real estate markets below
| Metro area | Median home price | Percent undervalued 2010 | Percent undervalued 2006 |
| Las Vegas, Nev. | $129,700 | -41.4% | 38% |
| Vero Beach, Fla. | $123,300 | -39.8% | 54% |
| Merced, Calif. | $102,300 | -37.7% | 77% |
| Cape Coral, Fla. | $118,700 | -36.8% | 52% |
| Houma, La. | $116,200 | -34.6% | -1% |
| Port St. Lucie, Fla. | $115,600 | -33.3% | 72% |
| Warren, Mich. | $117,500 | -32.3% | 15% |
| Vallejo, Calif. | $196,900 | -31.9% | 53% |
| Modesto, Calif. | $138,700 | -31.8% | 67% |
| Stockton, Calif. | $145,100 | -31.8% | 72% |
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I’m curious how they calculate what fair value is. Also I’m surprised those CA towns have that low of medium values.