According to Zillow®’s analysis, the U.S. housing market has gained a record of $6.9 trillion in 2021 from the annual gain of $3.7 trillion in 2005. The U.S. housing market is now worth more than $43.4 trillion.
The U.S. housing market value has doubled over the past 10 years since the Great Recession. Zillow economists expect another strong year in 2022.
According To Jeff Tucker, Zillow’s Senior Economist
“The scale of the housing market’s growth in 2021 is eye-popping. Not only did prices rise faster than ever, but more homes were built than in any year since 2007 as builders raced to meet demand. Skyrocketing home values may be celebrated by longtime homeowners, but are daunting for those trying to buy their first home. This year is likely to be less competitive for buyers, but it will continue to be a seller’s market.”
Housing Records In Different States Of U.S.
California’s housing value is more than one-fifth (21.3%) of that of the nation. The state’s housing value is $9.2 trillion of worth i.e. more than the combined value of the bottom 30.
There are 14 states (like Colorado, North Carolina, Georgia, and Arizona) that have more than $1 trillion in housing value.
From 2020 to 2021, Florida’s share of the housing market increased from 6% to 6.4%, Texas’ share increased from 5.9% to 6.1%, and Colorado’s share rose from 2.6% to 2.8%. New York lost market share dropping from 7.8% of the nation’s housing market in 2020 to 7.3% in 2021.
The top five states that gained the most value in the U.S. are Los Angeles ($3.3 trillion), San Francisco ($2 trillion), Boston ($1.1 trillion), and Washington, D.C. ($1.1 trillion).
An increase in the value of the total housing market is influenced by the number of houses in a metro. But some of the states outperformed their size. For example, Austin has less than one-third of the houses as Houston gained more. Even Phoenix gained more housing value than the entire state of Pennsylvania.
Also, the analysis showed that the top tier houses are worth five times more than the bottom tier. The highest valued homes make up 60.8% of the total housing market while the lowest valued houses account for only 12.8%.
READ MORE: Luxury Real Estate Advisors’ Contributions To Homeless Community