The number of metropolitan areas where the value of homes totals $1 trillion (or more) doubled in the past year, as housing prices have soared.
Across the U.S., there are now eight trillion-dollar metropolitan areas, according to Redfin data released Thursday. In the past 12 months, the total value of U.S homes rose $3.1 trillion to reach a record $49.6 trillion — and over the past decade that figure has more than doubled in the past decade, surging nearly 120% from $22.7 trillion in June 2014.
These trends are expected to continue due to constrained housing inventory and a persistently difficult market for homebuyers, said Redfin economics research lead Chen Zhao.
“The value of America’s housing market will likely cross the $50 trillion threshold in the next 12 months as there are not enough homes being listed to push prices down,” Zhao said. “Mortgage rates have started falling, but many potential sellers and buyers are waiting to make a move, meaning we are likely to continue seeing a pattern where prices slowly tick up.”
See which metros have housing markets worth at least $1 trillion (and the two that are worth $2 trillion), including the newest members of the expensive group.
