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Florida's Housing Market Soars: State Claims Top Spot for Home Value Increases in 2022

Florida's Housing Market Soars: State Claims Top Spot for Home Value Increases in 2022

According to recent data analyzed by real estate company Zillow, Florida has seen the highest home value increase in the United States in 2022. The average value of a Florida home, as of December 2022, stood at just under $405,000, representing a significant 17.27% increase from January of the same year. Vermont followed closely behind, with home values rising an estimated 15.15% during the same 12-month timeframe. The average value of a home in Vermont was estimated to be $386,000.

Hawaii had the highest value homes in the country, with an average value of $902,175 in December 2022, up 9.63% from January of the same year. Conversely, Idaho experienced a decline in home values, with a decrease of 0.18% or $825 since January 2022. The average home value in Idaho was recorded at $459,947 in December.

It is worth noting that the housing market has been affected by various factors in recent years, including inflation and the ongoing pandemic. The study provides valuable insight into which parts of the country have seen the highest increases and lowest decreases in home values.

Researchers at Florida Atlantic University (FAU) have been studying the price of housing across the country, specifically in Florida. The data, called the Beracha and Johnson Index, analyzes home prices by comparing their expected prices and list prices. In December, FAU reported that five Florida real estate markets were among the most overpriced in the country. However, even the researchers behind the Index acknowledge that prices in Florida will likely remain high, as other markets decline.

It is important to note that different companies and studies may use different methods and metrics to measure the housing market. For example, AgentStory, a tech real estate company, has focused on measuring the number of real estate agents actively engaged in the market, using proprietary end-of-year data for 2022. This data showed a 6.5% decrease in active agents in the Tampa area, compared to the end of 2021.

Overall, the housing market remains in a state of flux, and it will be interesting to see how trends develop in the future. It's important to consider multiple sources of information and expert analysis when making decisions about the housing market.

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