Overpriced is subjective; what one sees as too costly, another may find reasonable. She finds designer clothes overpriced, but her friend thinks they're worth it.
Pro Tip 2/3
Market Comparison
Something is overpriced when it costs more than similar items in the market. I won't buy this phone; it's overpriced compared to other brands with the same features.
Pro Tip 3/3
Value vs. Cost
The term implies the price is not justified by the value or quality of the item. This basic watch is overpriced at $200.