It's not a secret that Florida's population has swelled dramatically in the last few years. In 2022, over 400,000 people moved to Florida, with almost 65,000 of them being New Yorkers and approximately 28,957 being from California (according to DMV data.)
Needless to say, one could suspect that this type of migration may have some effect on property values. And recent September 2023 data from Zillow evaluating the value of each state's housing market appears to indicate that those suspicions would be true.
This article will explore the data to examine the housing valuations between Florida, New York, and California and will also explore what may have contributed to Florida's growth.
California Is Still In First Place: With a population of around 39 million, Zillow found that California was still the most valuable housing market in the country with a market value of $10.243 trillion, which accounts for 20% of the nation's housing value. That said, the California market did drop from last year, by about 3%.
Florida Jumped Ahead of New York to Take 2nd Place: Last year, New York was the second most valuable real estate market in the United States, but this year, Florida took its spot, with a real estate value of around $3.8 trillion.
Also notable is that Miami became one of the most valuable real estate markets in the nation - joining New York, Los Angeles, Boston, and San Francisco.
Florida Markets Make Up Four of the Six Markets That Have Gained The Most Value Since the Pandemic: Four Florida markets were identified as contributing to Florida's value growth the most - since they were among the national markets with the most growth.
They were Tampa, Miami, Jacksonville, and Orlando - all of which grew more than 72%.
New York State Was in Third Place, But New York City Maintained Its Spot For the Most Valuable City With Miami Coming In Third: New York State had the third most valuable real estate market, coming in at just under Florida at $3.69 trillion.
New York City remained the nation's most valuable at $4.24 trillion. The next most valuable city in terms of real estate with Los Angeles at a value of $3.71 trillion. Miami was third with a real estate value of $1.27 trillion.
Ines Hegedus-Garcia, the chair of the Miami Association of Realtors, feels that Miami is in a position to maintain its market strength, telling Real Estate News:
"Miami is a unique market because of our high percentage of cash buyers, surging migration, and soaring number of international and domestic buyers. Miami is shielded in a sense from interest rate hikes because of those fundamentals. While other major U.S. markets are seeing decreasing prices, the Miami market is still very strong and still appreciating."