housing market

Florida Surpasses New York to Become Second Most Valuable U.S. Housing Market

According to a new Zillow survey, Florida has officially surpassed New York to take second place among the nation’s most valued property markets. Over the previous year, the overall value of U.S. homes increased dramatically by over $2.6 trillion, confounding predictions that rising borrowing costs would result in a protracted market downturn.

The country hasn’t seen this rise in property values equally. Property prices have decreased in California, which makes up around one-fifth of the national housing market, since June 2022, according to data by Bloomberg News. However, Florida has surpassed New York in the national rankings thanks to an amazing $160 billion increase in the value of residential properties during the same time period.

The market held up well despite the existence of increased mortgage rates, which turned away some potential buyers and prevented many current homeowners from selling their homes. Senior economist at Zillow Orphe Divounguy pointed out that there were still enough active buyers to keep the market growing.

Miami has risen in the rankings to become the country’s fifth-largest metropolitan housing market as a result of Florida’s spectacular real estate boom. After Miami was ranked ninth in May 2021, its ranking has increased dramatically. Since the outbreak of the pandemic, Miami’s home values have increased by over 80%, and property values have increased by over 70% in Tampa, Jacksonville, and Orlando.

A significant factor contributing to Florida’s rapid price increases is the state’s substantial population growth. Zillow’s report underscores the enduring strength of the U.S. housing market, even in the face of changing economic conditions and higher mortgage rates.

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