Florida Surpasses New York as Second Most Valuable Housing Market in the US
Florida recently overtook New York as the second most valuable housing market in the United States, according to a survey conducted by the real estate site Zillow. Over the course of one year, beginning in June 2022, Florida’s residential property values increased by a staggering $160 billion.
The demand to live in Florida has skyrocketed since the peak of the COVID-19 pandemic when many residents of blue states became fed up with high taxes, rising crime rates, and strict lockdown measures that kept businesses and schools closed for extended periods. This shift in population has contributed to the surge in Florida’s housing market.
While California maintains its position as the most expensive residential real estate market in the nation, the value of properties there has actually fallen by 3.3% since June of last year, according to data cited by Bloomberg News.
Overall, homes in California, the most populous state in the US, have an aggregate value of $10.175 trillion.
New York has been surpassed by Florida, placing it in third position. According to Zillow, Florida’s housing stock is now worth $3.8 trillion, slightly edging out New York’s $3.69 trillion.
The top 10 most valuable housing markets in the US also include Texas ($3.39 trillion), New Jersey ($1.85 trillion), Massachusetts ($1.73 trillion), Washington ($1.7 trillion), Pennsylvania ($1.56 trillion), North Carolina ($1.4 trillion), and Virginia ($1.38 trillion).
Zillow’s research reveals that despite high interest rates and limited supply, the total value of housing nationwide has increased by over $2.6 trillion in the last year.
Florida’s real estate boom has propelled Miami into the top five metropolitan areas with the highest-value housing stock. Residential homes in the Miami metro area have increased in value by 8.6% since June of last year.
The total value of Miami’s real estate market now exceeds $1.27 trillion, making it one of eight cities in the US with a housing stock valued at over $1 trillion.
New York City maintains its position as the most valuable residential real estate market in the US, with a value of $4.24 trillion, representing a 4.2% increase since June of last year.
When compared to other cities, Los Angeles has the second most valuable real estate market. The housing stock in Los Angeles is valued at $3.71 trillion.
The third most valuable real estate market in the US is San Francisco, although the city has experienced an 8.8% decrease in the value of residential properties since last year.
The total value of homes in San Francisco is estimated at $1.8 trillion, which is $176 billion less than the previous year.
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