Florida’s Housing Market: The Priciest in the U.S.

Florida has long been a popular destination for tourists, but now it’s attracting attention for a different reason – its booming real estate market. According to recent reports, Florida is now home to the most expensive housing market in the United States, with Gables Estates in Coral Gables taking the crown as the priciest neighborhood.

If you’re in the market for a new home in Gables Estates, be prepared to fork over more than $21 million. This price tag is based on the average home value in the area, as reported by Zillow Group and Bloomberg. But Gables Estates is not the only high-priced neighborhood in Florida – in fact, seven of the 10 most expensive markets in the country are now located in the sunshine state.

This surge in housing prices in Florida marks a shift from pre-pandemic times when California was the reigning champion of pricey neighborhoods. Now, places like Beverly Hills are being outpaced by Florida’s luxury real estate market, with average home prices in some areas soaring by as much as 80%.

The overall real estate market in the U.S. has also seen significant changes in recent years. Home prices have increased at the fastest rate since 1979, driven in part by a lack of housing supply and homeowners holding onto lower-rate mortgages. In contrast, New York, once known for its high-priced real estate, no longer has a market in the top 10, as home prices in the state have been on the decline due to population shifts.

These shifts in the real estate market highlight the changing landscape of housing prices across the country. Whether you’re in the market for a multimillion-dollar mansion or just curious about the latest trends, Florida’s housing market is certainly one to watch.