Is Seattle's housing market overvalued?

Soaring home prices in the Seattle area are eclipsing the median buying power of local residents.

That's according to data from First American Financial Corp., which found the housing markets in at least half of the nation's major metro areas are overvalued compared to local buying power.

Home prices have soared nationally over the past decade — especially during the pandemic — and that's driving a significant affordability crisis in many regions.

https://infogram.com/over-under-housing-1hnq41o0gj5vp23

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Though buying power in the Seattle metro is $462,947, the median sales price is $668,313, according to the analysis.

https://www.bizjournals.com/seattle/news/2024/06/06/homes-for-sale-overvalued-markets.html

I'd say absolutely its over valued.