The combined value of U.S. homes gained $2.5 trillion in 2024 to reach $49.7 trillion, according to a new report from Redfin. In percentage terms, the total value of the U.S. housing market grew 5.2% year-over-year. That was the slowest growth in a calendar year since 2019 and the second-slowest since 2011.
“There are more homes for sale right now than in recent years and that has led to buyer’s markets in many areas of the country. That’s good news, but it doesn’t mean homes are getting cheaper—prices continue to tick up each month,” said Chen Zhao, Redfin Economics Research Lead. “We expect prices—and therefore home values—to keep rising steadily this year because there are still enough buyers competing over a relatively small number of listings, compared to before the pandemic.”
However, from $23 trillion in 2014, the overall value of American homes has more than doubled in the last 10 years. In July, the total value of all residences in the United States reached a peak of $50.4 trillion. Seasonal sales dynamics are responsible for the decline to $49.7 trillion; total property values increase during the busiest purchasing seasons, which run from March to September, and decline during the winter, when fewer homes are sold.
But, it’s important to remember that new building contributes to the overall rise in market value.
Top 10 Metros w/ the Fastest Growing Total Home Value (2024)
| Rank | Metro | % Growth YoY | $ Growth YoY | Total Metro Home Value |
|---|---|---|---|---|
| 1 | Albany, NY | 11.3% | $11.2B | $110.6B |
| 2 | Rochester, NY | 11.2% | $12.6B | $124.3B |
| 3 | Newark, NJ | 11.1% | $41.2B | $410.8B |
| 4 | Buffalo, NY | 11.0% | $10.6B | $107.8B |
| 5 | Hartford, CT | 10.6% | $13.4B | $140B |
| 6 | New Brunswick, NJ | 10.3% | $57.8B | $619.6B |
| 7 | Elgin, IL | 9.4% | $7.4B | $86.4B |
| 8 | New Haven, CT | 9.4% | $7.9B | $91.7B |
| 9 | New York | 9.4% | $207.9B | $2.4T |
| 10 | Philadelphia | 9.3% | $20.4B | $239.1B |
The “Big Apple” Saw Vast Property Gains in 2024
The Northeast’s major metro areas saw the most percentage gains in 2024, with upstate New York’s Albany and Rochester leading the way. Rochester’s total house value jumped 11.2% to $124.3 billion, while Albany’s increased 11.3% to surpass the $100 billion milestone ($110.7 billion).
Because there aren’t enough houses for sale in the area, prices are going up, which is why the value is increasing. Albany has the eighth-lowest amount of months of for-sale supply among major U.S. metro areas, while Rochester has the lowest.
Newark, NJ, saw an 11.1% increase in property values to $410.8 billion, while Buffalo, another upstate New York metro area, saw an 11% increase to $107.8 billion. The five metros with the biggest gains were completed by Hartford, CT, which saw a 10.6% increase to $140 billion.
The value of all homes fell in just three metro areas, with Cape Coral, FL, seeing the largest decline at 2.9% to $199.5 billion. Honolulu (-0.4% to $279.8 billion) and North Port, FL (-1.1% to $247 billion) followed. Tampa, FL (+0.8% to $537.1 billion) and West Palm Beach, FL (+0.3% to $471.7 billion) completed the five biggest metro areas with the slowest increase.
In 2024, Florida’s housing market had several challenges. Just when buyer demand dropped because of the relative lack of affordability compared to a few years earlier, the pandemic-driven construction boom increased the supply of dwellings. In addition to such effects, natural disasters, such as the powerful hurricanes in October, have raised insurance premiums and raised buyer fears about climate change.
Top 10 Metros w/ the Slowest Growing Total Home Value (2024)
| Rank | Metro | % Growth YoY | $ Growth YoY | Total Metro Home Value |
|---|---|---|---|---|
| 1 | Cape Coral, FL | −2.9% | −$5.9B | $199.5B |
| 2 | North Port, FL | −1.1% | −$2.7B | $247B |
| 3 | Honolulu | −0.4% | −$1.2B | $279.8B |
| 4 | West Palm Beach, FL | 0.3% | $1.4B | $471.7B |
| 5 | Tampa, FL | 0.8% | $4.2B | $537.1B |
| 6 | Fort Lauderdale, FL | 1.8% | $7B | $394.6B |
| 7 | Oakland, CA | 1.8% | $16.1B | $893.8B |
| 8 | El Paso, TX | 2.1% | $1.2B | $59.5B |
| 9 | Los Angeles | 2.1% | $45.4B | $2.2T |
| 10 | Houston | 2.2% | $17B | $801.2B |
Millennials Making Their Mark on the Housing Market
More over 20% of homes in the United States are currently owned by millennials, whose generation’s total home worth increased 18.8% annually to $9.7 trillion in the third quarter of 2024.
Millennials are the largest generation in terms of numbers and have reached a point in their lives when they are financially and age-wise the largest segment of the homebuying market.
The growth rate of the millennial generation is almost four times quicker than that of the baby boomer age, whose total house worth increased by 5.2% to $19.8 trillion. Boomers continue to hold the greatest percentage of any generation, accounting for 41.1% of the entire U.S. market. While the Silent Generation’s home prices decreased 3.7% to $4.6 trillion, Gen Xers’ home values rose 4.6% to $14.1 trillion.
Suburbia vs. Rurality
For the sixth year in a row, rural home prices surpassed those in cities and suburbs, rising 6.4% annually to $8.1 trillion. In contrast, suburban property values jumped 5.1% to $30.8 trillion, while urban home values increased 4.9% to $10.6 trillion. The suburban population is approximately 59 million, whereas the urban and rural populations are 23 million and 22 million, respectively.
Overall, the value of the U.S. housing market increased by $2.5 trillion in 2024, regardless of where it occurred. As Q1 draws to a close, keep checking back to discover what 2025 has in store.
Additionally, the overall value of residences in eight U.S. metro areas exceeds $1 trillion, with New York leading the way with a 9.4% increase to $2.43 trillion in 2024. If home prices continue to rise at a comparable rate, San Diego and Seattle, WA, which are still vying for membership in the trillion-dollar club, should be included in 2025.
Trillion-Dollar Club: Top 10 Metros By Aggregate Home Value (2024)
| Rank | Metro | Total Metro Home Value | % Growth YoY | $ Growth YoY |
|---|---|---|---|---|
| 1 | New York | $2.43T | 9.4% | $207.9B |
| 2 | Los Angeles | $2.18T | 2.1% | $45.44B |
| 3 | Atlanta | $1.29T | 3.3% | $40.84B |
| 4 | Boston | $1.28T | 5.0% | $61.44B |
| 5 | Anaheim, CA | $1.13T | 7.8% | $81.46B |
| 6 | Chicago | $1.07T | 7.6% | $75.86B |
| 7 | Phoenix | $1.05T | 2.6% | $27.08B |
| 8 | Washington, DC | $1.05T | 5.8% | $57.74B |
| 9 | San Diego | $990.96B | 6.5% | $60.12B |
| 10 | Seattle, WA | $939.11B | 5.7% | $50.88B |
Note: California’s Bay Area housing market (comprising San Francisco, Oakland and San Jose) is valued at $2.46T, while Dallas and Fort Worth metros in Texas are worth $1.05T combined.
Overall, the value of the U.S. housing market increased by $2.5 trillion in 2024, regardless of where it occurred. As Q1 draws to a close, keep checking back to discover what 2025 has in store.
To read the full report, including more data charts, and methodology, click here.
