A Glimpse Inside the Priciest Home Market in the US (Hint: It’s Not Beverly Hills)
Florida has long been known for its sunshine, theme parks and visitors. In fact, the state had more than 135 million visitors in 2023. Now, the sunshine state has taken the crown in a new way – it’s home to the priciest housing market in the United States.
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You will now find the most expensive homes in Gables Estates in Coral Gables. Just how much would a home in the priciest market cost you? Get ready to shell out more than $21 million. According to Bloomberg, and based on Zillow Group numbers, that’s how much the typical home there is valued at currently.
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If you want to enjoy the sunshine of Florida and you have a good deal of money to spend on housing, there are other places to look as well. Bloomberg reports seven of the 10 priciest neighborhoods are now located in Florida. That’s a big change from before the pandemic, when California was home to more than half of the 10 costliest neighborhoods in the U.S.
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So what happened to places like Beverly Hills, which has long been considered among the priciest locales in the country? It is much like a race – where gains in Florida have surpassed the rest. According to Bloomberg, some parts of Florida have seen average home prices rise by about 80%. That means the $12 million price tag for the average home in Beverly Hills is far below the more than $21 million in Gables Estates.
These changes are just a few of many that have impacted the U.S. real estate market over the past few years. According to Bloomberg, in the U.S. overall, “The typical home price has increased by the most for any comparable period since 1979, partly reflecting a lack of supply as homeowners grew reluctant to surrender lower-rate mortgages.”
One complicated state when it comes to home prices is New York. The state no longer has a market in the top 10 of housing prices. New York has been seeing a drop in home prices in many areas as people have left the state in recent years.
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This article originally appeared on GOBankingRates.com: A Glimpse Inside the Priciest Home Market in the US (Hint: It’s Not Beverly Hills)
