As housing prices have soared, some markets have become so highly valued that they are now worth $1 trillion or more in total.
Overall, the total value of U.S. homes from coast to coast sits at a record $49.6 trillion, according to a recent report from real estate brokerage firm Redfin. The total value has more than doubled in the past decade, up 120% since 2014.
In some markets, the combined value of homes now tops $1 trillion. Here are the markets where values have soared to the skies.
1. New York, NY
This metropolitan area’s aggregate home value: $2,479,781,753,057
Year-over-year increase in its aggregate home value: $189,976,135,666
The homeownership rate in New York City is just 30%, less than half of the nationwide average of 66%. There are many reasons for that reality, but high housing prices in the Big Apple undoubtedly play a big role.
Those trying to escape the high prices of the city may be disappointed to find that the relatively affordable region of Upstate New York also has seen a price surge lately.
2. Los Angeles, CA
This metropolitan area’s aggregate home value: $2,188,583,730,489
Year-over-year increase in its aggregate home value: $127,975,276,850
Housing affordability in Los Angeles is at its lowest level since the housing bubble of the early 2000s. However, more inventory is now coming online, which could at least keep further price growth in check for a while.
As Richard Green, director of the USC Lusk Center for Real Estate, told the Los Angeles Times, “Prices can’t go up 8% a year forever.”
3. Atlanta, GA
This metropolitan area’s aggregate home value: $1,287,842,232,673
Year-over-year increase in its aggregate home value: $62,317,379,190
Earlier this year, an analysis by Florida Atlantic University and Florida International University found that the Atlanta housing market was overvalued by 42%, making it the most overvalued place in the nation.
Not everyone agrees. As Atlanta real estate agent Josh Pitre told Atlanta News First:
“I see within the next three-to-five years that the real estate market continues to rise here in Atlanta. If your home is priced right and in good condition, it’s going to move.”
Other housing markets now worth $1 trillion
Here are five more housing markets that have eclipsed the $1 trillion mark:
- Boston, MA: $1,275,370,527,296
- Anaheim, CA: $1,118,903,198,701
- Chicago, IL: $1,078,649,184,844
- Washington, D.C.: $1,053,880,089,173
- Phoenix, AZ: $1,001,000,889,736
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