Florida overtakes New York in real estate prices - Zillow
Zillow economist, attributes the recovery to new construction that is attracting scarce dollars as many homeowners opt to stay put, facing rising mortgage interest rates.
Where are rents rising? New York City may be the obvious, but Midwest and the South aren't far behind. Florida's market-rate housing ranks high among other states. New York, which dropped to third place, is the only state in the top five to see a drop in market value this year.
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
Housing market recession?
The fastest growing cities in Florida.
As people move to Florida en masse since the start of the pandemic, cities across the state are seeing an uptick in the housing market.
According to Zillow, Florida cities make up four of the six metro areas in the U.S. where home values have risen the most since the pandemic began. Here are those cities:
- Tampa - up 88.9%
- Miami - up 86.6%
- Jacksonville - up 82.4%
- Orlando - up 72.3%
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