Florida overtakes New York as the second most valuable real estate market

Florida has overtaken New York state as the second most valuable real estate market in the United States, according to a survey.

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

The demand to live in Florida has increased since the height of the coronavirus pandemicthat he saw a mass exodus of blue state residents sick of high taxes, rising crime rates and onerous lockdown restrictions which kept businesses and schools closed for extended periods of time.

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

In total, homes in California, the nation’s most populous state, are worth a total of $10.175 trillion.

Florida jumped into second place to overtake 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, total home values ​​increased nationwide by more than $2.6 trillion in the past year, despite sky-high interest rates and lagging supply in the market.

Florida’s real estate boom catapulted Miami into the top five metro areas ranked by home stock value, according to Zillow.

According to Zillow, residential homes in the Miami metro area increased in value by 8.6% since June of last year.

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

New York City maintained its grip on the No. 1 spot. Real estate in the Big Apple is valued at $4.24 trillion, up 4.2% from June of last year.

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

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

The third most valuable housing market is San Francisco, although the city has seen residential property values ​​drop 8.8% since last year.

San Francisco homes are worth a total of $1.8 trillion, or $176 billion less than last year’s total.