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The Trulia study says Fairfield County is among the Top 10 metro areas in the U.S. for homes that are "undervalued."
Trulia's study suggests that homes in Fairfield County were undervalued by 16 percent in the first quarter of 2014, ranking it as the eighth-most undervalued metro area in the nation. Fairfield County has seen a 5.1 percent increase in home prices since the first quarter of last year.
Also making the undervalued list are the Hartford region, ranking seventh, and New Haven metro area, coming in at 10th.
The Trulia study "reveals whether home prices are overvalued or undervalued relative to their fundamental value by comparing prices today with historical prices, incomes, and rents," according to the report.
Nationally, Trulia estimates that 5 percent of all homes are undervalued by 5 percent. That has risen from the lowest post-crash point of the fourth quarter of 2011, when homes were undervalued nationally by 15 percent.
Home values are still well under the housing market's highest pre-crash point, when homes were overvalued by 39 percent in the first quarter of 2006.
The study concludes that nationally, despite modest price gains, the real estate market is currently not heading for another "bubble" like the one in the mid-2000s.
Click here to see the full Trulia.com report.
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