Over the past decade, the U.S. housing market's total value has more than doubled, rising by nearly 120% from $22.7 trillion in June 2014. This trend has been consistent year-over-year, with a recent report from housing market platform Redfin showing the total value of U.S. homes increased by $3.1 trillion over the past year, reaching a record $49.6 trillion as of June 2024. This represents a 6.6% year-over-year growth.
Just a handful of markets carried the majority of this growth, with 13 cities observing double-digit percentage gains. New Jersey metros near New York City led the way, with New Brunswick, N.J., seeing a 13.3% increase to $582.6 billion, and Newark, N.J., growing by 13.2% to $406.2 billion. Other markets include Anaheim, Calif., and Charleston, S.C., which saw home values rise to $1.1 trillion and $188.9 billion, respectively.
Cape Coral, FL, was the only metro to record a fall in total home value, dropping 1.6% to $204.2 billion. Sun Belt metros—especially those in Texas—grew slower than those in other regions, with New Orleans (up 0.8% to $128.2 billion), Austin, TX, (up 1.9% to $392.8 billion), North Port, FL, (up 2.1% to $251.8 billion) and Fort Worth, TX, (up 2.3% to $293.7 billion) rounding out the bottom five metros.
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