Fast-paced home value growth coupled with a record number of newly built homes has increased the total market value of residential real estate in the U.S. at the start of 2023, but the most valuable markets vary by state, Zillow reports. Home to roughly one-fifth of the nation’s total housing value, with a December 2022 market total of $9.52 trillion, California tops the list of the most valuable U.S. markets.
The Golden State is followed by Florida and New York, where steady growth in popular regional markets pushed the total market values to $3.62 trillion and $3.32 trillion, respectively, in 2022.
The combination of record-fast home value growth to start the year and a record number of newly built homes increased the total market value of residential real estate in the U.S. in 2022, despite price drops to end the year. California remains untouchable on its perch as the most valuable housing market in the country, but Florida was the big winner of 2022, jumping over New York into second place.
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