Sherman-Denison housing 'overvalued' by 60 percent
DENISON, Texas (KTEN) — Sherman-Denison is one of the hottest real estate markets in America.
But according to Moody's Analytics, it's also among the most overvalued.
Moody's rates Boise, Idaho as the most overvalued real estate market at 73 percent, but Sherman-Denison is right behind at 60 percent.
Local Realtor Tommi Homuth believes the Grayson County area is high on the list because of the number of new homes being built.
"The fact that we have new builds... we have not had new builds before ... new builds are costing more," she said. "I talked to an architect today, and he said it $205 a foot up to $215. He said he's not pricing homes until he finishes because of the cost of goods."
Homuth adds that the median price for homes in the Sherman-Denison area is around $300 thousand, still less than the figure in Dallas and Collin counties.
Moody's also said it considers 97 percent of homes in cities across the United States to be overvalued.