In September 2023, Florida surpassed New York State for the 1st time in its history, clinching the title of the second most valuable housing market in the U.S.
Zillow’s research indicates Florida’s housing market’s worth is now at $3.8 trillion, slightly ahead of New York’s $3.69 trillion.
Since June 2022, Florida’s residential property values have skyrocketed by $160 billion. The coronavirus pandemic fueled this surge in demand for Florida residences. People from blue states sought refuge from high taxes, climbing crime rates, and lengthy lockdowns.
Meanwhile, California remains the leading residential real estate market with its cumulative worth at a staggering $10.175 trillion since June 2022. However, its property values dipped by 3.3% over the same period of time…
The Miami metro area, in particular, witnessed an 8.6% appreciation in residential property value since last June.
Nationally, the overall housing value surged by over $2.6 trillion in the past year, even with the challenges of high-interest rates and limited supply.
Interestingly, Miami’s real estate market alone is worth over $1.27 trillion, joining the exclusive club of cities with housing stocks valued above $1 trillion.
New York City holds its ground as the metropolitan with the most valuable real estate, valued at $4.24 trillion, a rise of 4.2% since June 2022.
