Florida surpassed Recent York State as the second most valuable housing market in the USA, based on a survey.
The Sunshine State saw its residential property values soar by $160 billion within the one-year period starting in June 2022, based on research conducted by the actual estate site Zillow.
Demand to live in Florida has surged because 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 prolonged periods of time.
California maintained its status as the nation’s most expensive residential real estate market, though the worth of properties there fell 3.3% since June of last 12 months, based on data cited by Bloomberg News.
Overall, homes in California, the nation’s most populous state, are price an aggregate $10.175 trillion.
Florida jumped into second place to edge out the Empire State, based on Zillow. Florida’s housing stock is price $3.8 trillion in comparison with Recent York’s $3.69 trillion.
Texas ($3.39 trillion), Recent 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 highest 10.
In response to Zillow, the full value of housing rose nationwide by greater than $2.6 trillion within the last 12 months — despite sky-high rates of interest and lagging supply on the market.
Florida’s real estate boom catapulted Miami into the highest five metropolitan areas ranked based on value of housing stock, based on Zillow.
Residential homes within the Miami metro area rose in value by 8.6% since June of last 12 months, based on Zillow.
Miami’s real estate market is now valued at north of $1.27 trillion — making it one in all eight cities which has a housing stock price greater than $1 trillion.
Recent York City maintained its hold on the No. 1 spot. Real estate within the Big Apple is valued at $4.24 trillion — a 4.2% increase since June of last 12 months.
Los Angeles has the second most valuable real estate market in comparison to other cities.
Its housing stock is valued at $3.71 trillion, based on Zillow.
The third most valuable real estate market is San Francisco, though the town has seen the value of residential properties nosedive by 8.8% since last 12 months.
Homes in San Francisco are price an aggregate $1.8 trillion — or $176 billion lower than the sum from last 12 months.