Yes, there are some homes currently for sale that are overpriced for today's market. As a Buyer, you have a couple of safety nets to protect you from overpaying for a property.
First, make sure you are working with an agent who knows the area you are interested in very well. Your agent will have a good idea of what a property is worth and also be able to provide you with a comparable market analysis of the property you are considering.
Secondly, your mortgage company will send out an appraiser to appraise the property you have put a contract on. With all the foreclosures, short sales and mortgage fraud situations we are dealing with now; it is not very likely that an appraiser will appraise a property for more than what it's worth in today's market! Should a property not appraise at or above the contract price, you do not have to go forward with the purchase or you and the Seller can renegotiate the purchase price.