Florida real estate market now No. 2 in nation, usurping New York

October 3, 2023 Admin

Florida is now the second most valuable residential real estate market after California. Tampa, Miami and Jacksonville are fastest-growing cities in the U.S.

Florida now has surpassed New York as the second most valuable housing market in the U.S., according to Zillow.

Florida’s fast-growing population throughout the pandemic contributed to the rise in real estate value in the state, where the market jumped to $3.8 trillion in June from about $2 trillion in January 2020, according to newly released Zillow data.

That means the Sunshine State overtook New York at the No. 2 spot in the nation, though Florida still falls far behind California, where the market is valued at $10.2 trillion.

Zillow’s new data, issued in a report last week, also found that the real estate market in the U.S. is back on the upswing after a brief downturn from July 2022 to January 2023. Now it’s worth a record-breaking $52 trillion overall.

Zillow economist Orphe Divounguy attributes the rebound to new construction coming online and capturing deficit dollars as many homeowners opt to stay put in the face of rising mortgage rates.

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Where Florida’s housing market ranks among other states

Florida’s total housing market value is at a record high, following the national trend. New York, which fell to third place, is the only state in the top five that has seen a drop in market value this year.

Here are the top states ranked by residential real estate market value:

California – $10.2 trillion
Florida – $3.8 trillion
New York – $3.65 trillion
Texas – $3.4 trillion
New Jersey – $1.8 trillion
Massachusetts – $1.74 trillion
Washington – $1.72 trillion

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Florida’s fastest-growing cities

As people have been moving to Florida in droves since the start of the pandemic, cities around the state are seeing housing market booms.

According to Zillow, Florida cities make up four of the six metro areas in the U.S. where housing market value has grown the most since the start of the pandemic. Here are those cities: