New York City Housing Market – NYC Skyline with Statue of Liberty In View – Courtesy: Shutterstock – Image by shutterupeire
According to a poll, Florida has surpassed New York to become the second-most valued property market in the country.
Beginning in June 2022, residential property values in the Sunshine State increased by $160 billion, according to research done by the real estate website Zillow.
Since the peak of the coronavirus pandemic, which saw a major migration of citizens from blue state states frustrated with high taxes, growing crime rates, and onerous lockdown rules that kept businesses and schools closed for protracted periods of time, demand to live in Florida has increased.
Despite a 3.3 percent decline in property value since June of last year, California still has the most expensive residential real estate market in the country, according to figures reported by Bloomberg News.
California, the state with the most residents in the country, has residences valued at a total of $10.175 trillion.
According to Zillow, Florida overtook the Empire State to take second place. Compared to New York’s $3.69 trillion in house value, Florida’s housing stock is worth $3.8 trillion.
The top 10 is completed by Texas (3.39 trillion dollars), New Jersey (1.85 trillion dollars), Massachusetts (1.73 trillion dollars), Washington (1.7 trillion dollars), Pennsylvania (1.56 trillion dollars), North Carolina (1.4 trillion dollars), and Virginia (1.38 trillion dollars).
Zillow reports that, despite extremely high-interest rates and a lack of inventory on the market, the value of housing increased countrywide by more than $2.6 trillion in the past year.
Miami was propelled into the top five metropolitan regions in terms of the value of housing stock by Florida’s real estate boom, according to Zillow.
Zillow estimates that from June of last year, the value of residential properties in the Miami metro area has increased by 8.6 percent.
Miami is one of eight cities with a housing stock worth more than $1 trillion at the current market valuation, which is north of $1.27 trillion.
The top slot remained held by New York City. The value of real estate in the Big Apple is $4.24 trillion, up 4.2 percent from June of last year.
When compared to other cities, Los Angeles has the second-most valued real estate market.
According to Zillow, its housing stock is worth $3.71 trillion.
San Francisco is the third-most valued real estate market, despite the fact that the value of residential houses there has plummeted by 8.8 percent since last year.
San Francisco’s housing market is worth $1.8 trillion overall, which is $176 billion less than it was a year ago.
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Born and raised in South Florida, Krystal is a recent graduate from the University of Miami with professional writing experience at the collegiate and national news outlet levels. She’s a foodie who loves all things travel, the beach, & visiting new places throughout Florida.