|
Temperatures may be cooling, but the value of Miami's housing market is not, according to a recent ranking the Miami market among the highest in the nation and rising quickly.
According to the report by Zillow, Miami’s housing market previously ranked as the ninth-most valuable in the nation in May 2021, with a total value of $1.23 trillion.
Now, the metro area (which includes Fort Lauderdale) has soared to No. 5, with its dollar value increasing by 86.6%.
Florida also is listed as the second-most valuable state in the country (behind California's booming $10.175 trillion), with statewide real estate values jumping 4.3% since June 2022 to $3.8 trillion.
Of the six markets in which housing has gained the most value since the start of the pandemic, four are in Florida: Tampa (+88.9%), Miami (+86.6%), Jacksonville (+82.4%) and Orlando (+72.3%).
New York City ranked as the most valuable metropolitan area in the country at over $4.2 trillion, increasing in value by 4.2% from June 2022 to June 2023. New York was followed by Los Angeles, San Francisco and Boston.
The total value of the U.S. housing market jumped to a record $52 trillion in the past year, $2.6 trillion higher year over year. The average value of a home in the U.S. showed a 0.7% increase over a year's time.
Officials with Zillow, the most visited real estate site in the country, note that new construction had a lot to do with the increase in average values.
“A steady flow of new homes hit the market this spring and summer, helping chip away at the deep inventory deficit and boosting the total value of the market,” Zillow Senior Economist Orphe Divounguy said in the report. “Despite the presence of higher mortgage rates, which deterred some home shoppers and kept many existing homeowners on the sidelines, enough buyers remained to keep the market moving.
“Builders recognized the unmet demand and responded by starting more projects. New home sales rose this year while existing home sales fell and should make up a bigger piece of the home sales pie for as long as rates remain elevated.”
| 
