California is still No. 1 in the USA by the value of the housing market. The value of residences in this state increased by almost $1 trillion over the year despite a certain slowdown in the market. Florida became No. 2, leaving New York behind. Florida’s metropolitan areas contain 8 out of 10 fastest-growing housing markets nationwide.
This success was boosted by the record-fast growth of house value in early 2023 and the record amount of new homes commissioned last year. Experts believe that the revaluation of existing homes’ value to increase it was the primary cause. It encouraged developers to begin new construction in order to satisfy the higher demand despite a certain price reduction in the market by the end of 2022.
As of last December, the value of California’s housing market reached $9.5 trillion (about one-fifth of the entire country’s market), the housing market of Florida was estimated at $3.6 trillion, and that of New York, at $3.3 trillion. Florida demonstrated a considerable growth compared to $3.01 trillion in December 2021.
Statistics show that the value of residential property in this state grows rather fast, making this type of investment particularly lucrative.