As many of you are aware, CSQ Properties is headquartered in California, where we hold several multifamily investments. California maintains its position as the top 1 most valuable housing market in the country, even with the recent housing slowdown.
While California remains invincible as the most valuable housing market in the country, Florida emerged as the clear victor of 2022, surpassing New York to take second place.
CSQ has expanded beyond California by investing in three stunning cities, St. Petersburg, Orlando, and Jacksonville, FL, the last two of which have ranked in the Top 10 MSAs in the country with the greatest percentage increase in value for residential real estate.
But, what caused Florida’s recent rise in the housing market, leading to it surpassing New York?
Florida has experienced a significant increase in real estate activity in recent years, and one of the main drivers behind this trend is the state’s population growth. Florida’s population has been growing rapidly over the last decade, and this influx of people has created a surge in demand for housing.
More residents mean more competition for housing, which puts upward shift on prices. Likely as a response to this population growth, Florida topped the list for the biggest increase in new housing units added in 2022, in terms of the raw number of new units and the percentage increase those units represent.
According to the U.S. Census Bureau, Florida’s population grew by 14.6% between 2010 and 2020, and saw the biggest population increase last year. This has led to a surge in demand for real estate, as more people move to the state to take advantage of its warm climate, thriving economy, job growth, and affordability.
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