Florida has overtaken New York to hold the second most valuable housing market in the United States, according to a study published this week by Zillow.

Per the most recent housing market assessment, Florida’s total market value has ballooned to $3.8 trillion, trailing only California, and can largely be attributed to population growth and increased housing demand within the state.

Miami now ranks among the most valuable metropolitan regions in America, with a market value of $1.2 trillion, while four of the six housing markets experiencing the highest gains since the onset of the pandemic can be found in Florida: Tampa (+88.9 percent), Miami (+86.6 percent), Jacksonville (+82.4 percent), and Orlando (+72.3 percent).

“A steady flow of new homes hit the market this spring and summer, helping chip away at the deep inventory deficit and boosting the total value of the market,” said Orphe Divounguy, a Zillow senior economist. “New home sales rose this year while existing home sales fell, and should make up a bigger piece of the home sales pie for as long as rates remain elevated.”

The broader U.S. housing market has grown by over $2.6 trillion in the past year, with major cities like New York, Los Angeles, San Francisco, Boston, and Miami leading the way.

Further, Florida’s median sales price for single-family homes climbed to $415,000 last month, up 2 percent compared to the year prior, while the median price for condo-townhouse units was $324,000, up 6.2 percent over the past twelve months. In August, closed sales of existing single-family homes statewide totaled 22,917, down 7.9 percent from August 2022, while existing condo-townhouse sales totaled 9,279, down 7.2 percent from the same time a year ago.

Year to date through August, single-family dollar volume in Florida was recorded at $104 billion, compared to $69 billion during the same eight-month period in 2019. In the townhouse and condo category, dollar volume rose year-over-year, increasing by 2.8 percent to $4.1 billion.

Meanwhile, rent growth in the state has largely stabilized, with most metropolitan areas reporting year-over-year increases at or below the national average. According to the most recent Waller, Weeks, and Johnson Rental Index for August, rent increases in Florida are largely at or below the national average of 3.25 percent. At 1.10 percent and 1.31 percent, respectively, Orlando and Jacksonville have the lowest rates of increase.