The surge of lockdown-era buyers flocking to Florida for year-round warm weather has pushed the state to new heights.
The Sunshine State is the second most-valuable real-estate market in the country, according to a new study by Zillow that charted the change in national home prices since the pandemic. Florida's market clocked in at $3.85 trillion, pulling in front of New York's $3.69 trillion and Texas's $3.39 trillion, according to a graph from Bloomberg using Zillow data. California remains untouchable in the top spot with a value of $10.18 trillion.
Florida's ascent is fueled by its recent population growth, which contributes to strong new construction figures. Florida welcomed 655,000 new residents since the start of the pandemic, according to Census estimates reported by Insider in March. Home prices in the state have also been pushed upwards by increased competition for the existing housing stock.
Out of the top six markets that gained the most value since COVID-19, four were located in Florida, including Tampa (88.9%), Miami (86.6%), Jacksonville (82.4%), and Orlando (72.3%), according to Zillow.
The state's lack of personal income tax, sunny weather, and luxurious beaches are a strong draw. Stefanie Mortensen left Virginia for Florida in May. She had been looking for a house along the coastline, and settled for a $159,000 tiny home in a community outside of Tampa. "I haven't regretted moving," she told Insider in August. "I miss the people; I don't miss Virginia. My future is to stay here as long as this works."
