Millions of home shoppers have gotten sticker shock when seeing the price of today’s houses.
Across the nation, the total value of the housing market is 49% higher today than it was at the start of the pandemic, according to new research from Zillow. In just the past year alone, the value has jumped by more than $2.6 trillion and is up 2.2% from a previous peak reached in June 2022.
Those soaring prices have put homes out of the reach of millions of people. In some markets, real estate comes with an especially high sticker price.
Following are the most valuable housing markets in America.
1. New York City
This housing market’s total value: $4.2 trillion
Change in its value since the June 2022 peak: Increase of $171.8 billion (4.2%)
New York City remains the king of housing markets in the U.S. But the Empire State as a whole has slipped to third place among all states in terms of total housing market value.
The red-hot rise in Florida home prices has elevated the Sunshine State to the second spot.
2. Los Angeles
This housing market’s total value: $3.7 trillion
Change in its value since the June 2022 peak: Increase of $3 billion (0.1%)
While Los Angeles finishes in second place among cities for housing market value, California itself remains in the top slot as far as states are concerned. The state’s housing market value tops $10 trillion.
3. San Francisco
This housing market’s total value: $1.8 trillion
Change in its value since the June 2022 peak: Decrease of $176.1 billion (-8.8%)
San Francisco remains one of the nation’s most expensive housing markets, but values have dipped significantly since the summer of 2022.
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The rest of the top 10
Here are the rest of the top 10 most valuable housing markets in the nation.
- Boston: $1.3 trillion
- Miami-Fort Lauderdale, Florida: $1.3 trillion
- Washington, D.C.: $1.1 trillion
- Chicago: $1.1 trillion
- Seattle: $1.1 trillion
- San Diego: $994.2 billion
- Dallas-Fort Worth, Texas: $950.1 billion