There's little doubt that Atlanta's housing market has returned from the depths of the Great Recession. But could it actually be overvalued? That's what one firm sees—at least in one affluent northern suburb. Collateral Analytics reports that Sandy Springs is one of the nation's most overvalued housing markets in a recent study. The firm evaluates mortgages of homes sold compared to an ideal value of homes based on affordability and other local factors. The actual price vs optimal value ratio is what determines an overvalued property, according to a recent article in Barron's. In more than 900 major metro cities across the nation, Collateral Analytics found that homes average 4% above optimal value. For Sandy Springs, it's 13.3%, the second most overvalued area in the US. But perhaps there's no cause for panic yet: In the run-up to the last recession, average US homes were overvalued by 15%, and the top market—LA—by more than 75%. The top overvalued market today is Sacramento at nearly 15% followed by Oakland/Berkley at 12.8% and Las Vegas at 11.7%. Of the 10 most overpriced housing markets, only one metro Atlanta region made the list. But Sandy Spring's pricing has been fueled by some huge corporate employment successes, both with State Farm establishing a massive regional HQ and Mercedes-Benz moving its HQ to Atlanta from NJ.