While Florida And Texas Falter, New York Homes Skyrocket

While Florida, Texas, and California watch billions vanish from real estate, New York homes are booming.

The housing market is cooling significantly in much of the country, but it remains hot in New York State.

New York Housing Market Posts Biggest Gain In The Nation

In the past five years, home values have increased three times faster than normal. Home values typically increase by 4 percent each year, but since 2020, home values have increased by 12 percent each year or 60 percent over the past five years!

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In the past year, places like Florida, Texas, and California are watching billions vanish from their real estate markets. Florida lost $109 billion, California dropped $106 billion, and Texas slid by $32 billion.

However, New York just posted the biggest gain in the nation.

New York's housing market jumped by $216 billion in the past year, the highest increase in America, according to Zillow. 

New York's growth made up for nearly 25 percent of the total housing wealth increase.

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Since the pandemic began, New York’s housing market has exploded by $1.5 trillion.

The reason is supply and demand. While some other states are overbuilt, with homes sitting on the market, New York's housing shortage is still a major issue.

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