I think with housing you could consider it as overvalued because the product hasn't changed much while at the same time its price has increased a lot. Another i

I think with housing you could consider it as overvalued because the product hasn't changed much while at the same time its price has increased a lot. Another indicator could be that for most people the share of income they need for housing has increased. In 2008 an indicator may have been that a lot of people relied on ever increasing prices in order to afford their mortgage debt. But in the end "value" is highly subjective so there is no clear method to determine if something is overvalued.