Florida overtakes NY as second most valuable housing market

Business

By Ariel Zilber

Florida surpassed New York State as the second most valuable housing market in the United States, according to a survey.

The Sunshine State saw its residential property values soar by $160 billion in the one-year period beginning in June 2022, according to research conducted by the real estate site Zillow.

Demand to live in Florida has surged since the height of the coronavirus pandemic, which saw a mass exodus of blue state residents fed up with high taxes, rising crime rates, and onerous lockdown restrictions that kept businesses and schools shuttered for extended periods of time.

California maintained its status as the nation’s most expensive residential real estate market, though the value of properties there fell 3.3% since June of last year, according to data cited by Bloomberg News.

Overall, homes in California, the nation’s most populous state, are worth an aggregate $10.175 trillion.

Florida jumped into second place to edge out the Empire State, according to Zillow. Florida’s housing stock is worth $3.8 trillion compared to New York’s $3.69 trillion.

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) round out the top 10.

According to Zillow, the total value of housing rose nationwide by more than $2.6 trillion in the last year — despite sky-high interest rates and lagging supply on the market.

Florida’s real estate boom catapulted Miami into the top five metropolitan areas ranked according to value of housing stock, according to Zillow.

Residential homes in the Miami metro area rose in value by 8.6% since June of last year, according to Zillow.

Miami’s real estate market is now valued at north of $1.27 trillion — making it one of eight cities which has a housing stock worth more than $1 trillion.

New York City maintained its hold on the No. 1 spot. Real estate in the Big Apple is valued at $4.24 trillion — a 4.2% increase since June of last year.

Los Angeles has the second most valuable real estate market when compared to other cities.

Its housing stock is valued at $3.71 trillion, according to Zillow.

The third most valuable real estate market is San Francisco, though the city has seen the worth of residential properties nosedive by 8.8% since last year.

Homes in San Francisco are worth an aggregate $1.8 trillion — or $176 billion less than the sum from last year.