According to a recent Forbes study, here are the most overpriced U.S metro areas.

1. Orlando-Kissimmee, Fla.
2. Miami-Fort Lauderdale-Pompano Beach, Fla.
3. Jacksonville, Fla.
4. Baltimore-Towson, Md.
5. Chicago-Naperville-Joliet, Ill.-Ind.-Wis.
6. San Antonio
7. Denver-Aurora, Colo. (tie)
7. Tampa-St. Petersburg-Clearwater, Fla. (tie)
9. Indianapolis-Carmel, Ind.
10. Austin-Round Rock, Texas (tie)
10. Nashville-Davidson-Murfreesboro-Franklin, Tenn. (tie)

Naturally, Las Vegas, after having deep price declines, now far below long run trend (excluding the bubble) is not in the list. They do mention Las Vegas however, noting, "In Las Vegas, it looks like homeowners are pricing homes to clear the market," says Delores Conway, a visiting real-estate economist at the Simon School at the University of Rochester." This is true, after an incredibly weak late 2007 and early 2008 where sales bottomed, we have seen re-ignition of interest in Las Vegas homes as several segments appear to be a bargain. The chief wildcard being how fast employment can bounce back. Conway is right that sellers are more realistic and we have seen very strong sales.

http://realestate.msn.com/article.aspx?cp-documentid=22857795&GT1=35000