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  • California remains the nation’s most valuable housing market, despite a housing slowdown that shaved nearly $1 trillion off the value of the state’s residential real estate. Roughly one-fifth of the nation’s total housing value is in California.
  • Florida surpassed New York state to become the country’s second most valuable residential real estate market. Florida metros account for eight of the 10 fastest growing housing markets in the country.

The combination of record-fast home value growth to start the year and a record number of newly built homes increased the total market value of residential real estate in the U.S. in 2022, despite price drops to end the year. California remains untouchable on its perch as the most valuable housing market in the country, but Florida was the big winner of 2022, jumping over New York into second place.

California’s housing market remains the nation’s most valuable, reaching $9.5 trillion last December and representing roughly one-fifth — 19.5% — of the national total. Florida ($3.6 Tr), New York ($3.3 Tr), Texas ($3.2 Tr) and Washington ($1.6 Tr) round out the top five.


Population growth is the key to Florida’s big year in real estate