In a report by Zillow, experts ranked the top states with the most valuable housing markets in 2022 — and Florida managed to come out just above New York.
The report states that Florida surpassed New York to come in at No. 2 on the list, though that rank still falls short of California at No. 1.
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Appropriately enough, eight of the top 10 metro areas with the highest increase in the value of local residential real estate assets came out of Florida, the report explains. That ranking is as follows:
| Metro Area | % Increase In The Market Value (Y/Y) | Market Value (Dec. 2022) | Market Value (Dec. 2021) | Rank |
|---|---|---|---|---|
| Lakeland, FL | 25.3% | $82 billion | $65 billion | 1 |
| Miami-Fort Lauderdale, FL | 23.9% | $1.2 trillion | $942 billion | 2 |
| Fort Myers, FL | 22.8% | $167 billion | $136 billion | 3 |
| Orlando, FL | 21.9% | $368 billion | $302 billion | 4 |
| Melbourne, FL | 21.5% | $103 billion | $85 billion | 5 |
| Charleston, SC | 21.2% | $167 billion | $138 billion | 6 |
| North Port-Sarasota -Bradenton, FL | 21.0% | $219 billion | $181 billion | 7 |
| Jacksonville, FL | 20.3% | $249 billion | $207 billion | 8 |
| Syracuse, NY | 20.2% | $59 billion | $49 billion | 9 |
| Daytona Beach, FL | 20.1% | $110 billion | $91 billion | 10 |
According to Zillow, this rise in real estate value is thanks to population growth and an increase in the number of homes built.
In fact, another study by Redfin earlier this year shows that Florida was a major destination for New Yorkers looking to leave their state behind.
“More residents mean more competition for homes, which puts upward pressure on prices,” the report reads. “Likely as a response to this population growth, Florida and Texas also topped the list for the biggest increase in new housing units in 2022, both in terms of the raw number of new units and the percentage increase those units represent.”
On the flipside, Zillow’s report shows that home values in the latter half of 2022 fell across the U.S. as high mortgage rates caused potential homebuyers to drop out of the market.
Thanks to this, Florida also ranked No. 7 on the list of states with the largest declines in residential real-estate value during that time, though it fortunately fell behind Massachusetts (No. 6), Colorado (No. 5), Arizona (No. 4), Texas (No. 3), Washington (No. 2) and California (No. 1).
The full ranking of states on the basis of residential real-estate value (as of December 2022) is as follows:
- California — $9.52 trillion
- Florida — $3.62 trillion
- New York — $3.32 trillion
- Texas — $3.16 trillion
- Washington — $1.63 trillion
- New Jersey — $1.63 trillion
- Massachusetts — $1.58 trillion
- Pennsylvania — $1.48 trillion
- North Carolina — $1.34 trillion
- Virginia — $1.28 trillion
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