- There are now eight trillion-dollar metros, up from four a year ago, with Anaheim, CA, Washington, DC, Chicago and Phoenix joining the list of places where the total value of homes tops $1 trillion.
- Two New Jersey metros within commuting distance of New York saw the fastest growth in aggregate home value, while Sun Belt metros grew more slowly.
- The total value of homes owned by millennials grew by more than 20% as the Silent Generation’s home value fell for the fifth consecutive quarter.
- Majority Asian neighborhoods experienced the largest spike in total home value, rising 9% to $1.4 trillion.
The total value of U.S homes gained $3.1 trillion over the past 12 months to reach a record $49.6 trillion.
This is according to an analysis of the Redfin Estimate for more than 95 million U.S. residential properties as of June 2024. This data is subject to revision.
In percentage terms, the total value of the U.S. housing market grew 6.6% year over year. Zooming out further, the total value of U.S. homes has more than doubled in the past decade, climbing nearly 120% from $22.7 trillion in June 2014.
Home values are being pushed higher because supply is still being outweighed by demand. Home inventory levels remain low compared to before the pandemic, with many owners staying put due to the rate lock-in effect. While elevated mortgage rates are keeping many buyers on the sidelines as well, there are still enough of them to compete over a relatively small pool of homes,…
