Florida has overtaken New York to become the second most-valuable US housing market

Florida's real estate market has achieved a significant milestone, becoming the second most valuable in the United States, according to a recent study by Zillow. This marks a remarkable shift in the national home prices landscape since the onset of the COVID-19 pandemic.

Florida's real estate market is now valued at approximately $3.85 trillion, surpassing the markets in New York, which is valued at $3.69 trillion, and Texas, valued at $3.39 trillion. California maintains its top position with the most valuable real estate market in the country, boasting a total value of $10.18 trillion.

Florida's remarkable ascent in the real estate rankings can be attributed to several key factors. The state has experienced significant population growth since the beginning of the pandemic, welcoming approximately 655,000 new residents, as reported by Census estimates in March. This influx of new residents has driven strong figures in new construction, further contributing to the state's rising real estate value.

Additionally, increased competition for the existing housing stock has led to higher home prices in Florida. Among the top six markets that have seen the most significant increases in value since the COVID-19 pandemic began, four are located in Florida. These markets include Tampa (88.9% increase), Miami (86.6% increase), Jacksonville (82.4% increase), and Orlando (72.3% increase), as reported by Zillow.