Florida Tops the List as the Priciest Housing Market in the United States

The Sunshine State of Florida has always been a popular destination for tourists, but now it has a new claim to fame – it is home to the most expensive housing market in the United States. Gables Estates in Coral Gables is now the priciest market in the country, with the typical home valued at over $21 million according to Zillow Group numbers reported by Bloomberg.

What’s even more surprising is that seven out of the top 10 priciest neighborhoods in the country are now located in Florida. This marks a significant shift from before the pandemic when California dominated the list. Previously prestigious areas like Beverly Hills are now outmatched by the skyrocketing home prices in Florida.

The rising home prices in Florida have seen an average increase of about 80%, far surpassing the gains in other states. This trend has been attributed to various factors, including a lack of housing supply and homeowners holding onto lower-rate mortgages. In contrast, New York is no longer among the top 10 markets for housing prices as many residents have been leaving the state in recent years.

The real estate market in the US has seen significant changes over the past few years, with home prices increasing at the fastest rate since 1979. These shifts in the housing market reflect broader economic trends and changes in buyer preferences. Florida’s rise to the top of the housing market highlights the state’s growing appeal for high-end buyers looking for luxury properties in the sun.