Home values increased over the past year, but at a much slower rate than in the past. According to real estate marketing platform Redfin, the total value of U.S. homes increased by 5.2%, or $2.5 trillion, in 2024, reaching $49.7 trillion. This was the slowest annual increase since 2019 and the second slowest since 2011. Even so, recent years of home price growth have caused the value of the housing market to more than double in the past decade. In 2014, the housing market was valued at just $23 trillion.
The strongest percentage growth was seen in major metros in the Northeast, particularly in Albany, N.Y., and Rochester, N.Y. Albany’s home value rose 11.3% to $110.7 billion, while Rochester’s grew by 11.2% to $124.3 billion. The increase is primarily driven by a shortage of homes for sale, with Rochester having the lowest housing supply among major U.S. metros and Albany ranking the eighth lowest.
Only three metros recorded a fall in total home value, led by Cape Coral, FL, which dropped 2.9% to $199.5 billion. Next came North Port, FL (-1.1% to $247 billion) and Honolulu (-0.4% to $279.8 billion). West Palm Beach, FL (+0.3% to $471.7 billion) and Tampa, FL (+0.8% to $537.1 billion) rounded out the five major metros with the slowest growth. Read more
