Florida's real estate market has experienced significant growth during the COVID-19 pandemic, making it the second-highest valued real estate market in the United States. With a market worth of $3.85 trillion, Florida has surpassed New York ($3.69 trillion) and Texas ($3.39 trillion). California maintains its top position with a market value of $10.18 trillion. Florida's rise in the rankings is attributed to its population growth, with 655,000 new residents relocating to the state since the beginning of the pandemic. Housing prices have also seen substantial increases in several Florida cities, driven by increased demand and competition for existing inventory. Factors like no personal income tax, abundant sunshine, and beautiful beaches contribute to Florida's appeal.
During the lockdown period, Florida has experienced a surge in homebuyers seeking warm weather, leading to a remarkable ascent in the state's real estate market. According to a recent Zillow study, Florida has now claimed the second-highest real estate market valuation in the nation.
With a market worth of $3.85 trillion, Florida has surpassed both New York, valued at $3.69 trillion, and Texas, valued at $3.39 trillion, as illustrated in a Bloomberg graph based on Zillow data.
California still maintains its top position with a substantial market value of $10.18 trillion. Florida's impressive rise in the rankings can be attributed to its significant population growth, with 655,000 new residents relocating to the state since the beginning of the pandemic.
Insider, citing Census estimates from March, reports that Florida's housing prices have seen an upward trajectory due to intensified competition for the existing housing inventory. Among the top six markets that have experienced the most substantial value increases since the onset of COVID-19, four are located in Florida, including Tampa (88.9%), Miami (86.6%), Jacksonville (82.4%), and Orlando (72.3%), according to Zillow data.
Florida's allure is further amplified by factors such as the absence of personal income tax, abundant sunshine, and picturesque beaches.
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