Oct
04
Originally published on September 26, 2023 by Orphe Divounguy for Zillow.com.
- The total value of the U.S. housing market is 49% higher than before the pandemic.
- New York, Los Angeles, San Francisco, Boston, and Miami are the most valuable housing markets.
- Florida now boasts the second-most-valuable real estate market, surpassing New York. California retains the top spot.
The U.S. housing market has surged over the past year after a temporary hiccup from July 2022 to January 2023. Higher mortgage rates then contributed to a decline in the total value of residential real estate as potential buyers reconsidered their plans and residential investment fell. That downturn has proven to be short-lived as housing has rebounded impressively so far in 2023, with the total value of the U.S. housing market surging by more than $2.6 trillion over the past year.
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