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U.S. housing value has surged, gaining more than $2.6 trillion in the past year

Sep 26, 2023

New home construction has been the catalyst for housing market growth

  • The total value of the U.S. housing market is 49% higher than before the start of the pandemic in February 2020. 
  • Among metropolitan areas, New York, Los Angeles, San Francisco, Boston and Miami are the most valuable housing markets. 
  • Florida now boasts the second-most-valuable real estate in the nation, surpassing New York. California retains the top spot. 

SEATTLE, Sept. 26, 2023 /PRNewswire/ -- The U.S. housing market has rebounded impressively in 2023 after a short-lived downturn late last year. The total value of the U.S. housing market has surged by more than $2.6 trillion over the past year, a new Zillow® analysis shows

The total value of the U.S. housing market — the sum of Zillow's estimated value for every U.S. home — is now slightly less than $52 trillion, which is $1.1 trillion higher than the previous peak reached last June. While a small chunk of this growth can be attributed to a 0.7% rise in the average value of a U.S. home during this period, the powerhouse behind this surge has been new construction

"A steady flow of new homes hit the market this spring and summer, helping chip away at the deep inventory deficit and boosting the total value of the market," said Orphe Divounguy, Zillow senior economist. "Despite the presence of higher mortgage rates, which deterred some home shoppers and kept many existing homeowners on the sidelines, enough buyers remained to keep the market moving. Builders recognized the unmet demand and responded by starting more projects. New home sales rose this year while existing home sales fell, and should make up a bigger piece of the home sales pie for as long as rates remain elevated." 

The four most valuable metro areas have remained largely unchanged over the past five years: New York, Los Angeles, San Francisco and Boston. A new entrant, Miami, has claimed the fifth spot, jumping all the way from ninth as recently as May 2021 to edge Washington, D.C., out of the top five. 

Of the six markets in which housing has gained the most value since the start of the pandemic, four are in Florida: Tampa (+88.9%), Miami (+86.6%), Jacksonville (+82.4%) and Orlando (+72.3%). It's not surprising, then, that Florida has surpassed New York as the state with the second-most-valuable housing market. Large population growth is one reason for strong new construction figures in Florida, and the increased competition for existing homes has also helped raise home values. 

California remains a behemoth with more than $10 trillion of value in its housing market; nearly 20% of the national total. Florida, New York, Texas and New Jersey round out the top five. 

Top 20 Most Valuable Metro Areas

Metro Area

Total Housing Market Value (billions)

Change Since June 2022 'Peak' (billions)

Change Since June 2022 'Peak' (%)

United States



2.2 %

New York, NY



4.2 %

Los Angeles, CA



0.1 %

San Francisco, CA



-8.8 %

Boston, MA



3.4 %

Miami–Fort Lauderdale, FL



8.6 %

Washington, DC



3.2 %

Chicago, IL



6.9 %

Seattle, WA



-5.1 %

San Diego, CA



1.0 %

Dallas–Fort Worth, TX



-0.3 %

San Jose, CA



-5.2 %

Phoenix, AZ



-2.1 %

Philadelphia, PA



6.8 %

Riverside, CA



-3.1 %

Houston, TX



3.5 %

Atlanta, GA



3.7 %

Denver, CO



-6.0 %

Tampa, FL



3.7 %

Sacramento, CA



-5.4 %

Portland, OR $468.5 -$19.5 -4.0%


Top 10 Most Valuable States


Total Housing Market Value (billions)

Change Since June 2022 'Peak' (billions)

Change Since June 2022 'Peak' (%)




-3.3 %




4.3 %

New York



-0.2 %




1.5 %

New Jersey



13.1 %




4.1 %




-3.9 %




6.0 %

North Carolina



3.9 %




6.0 %

About Zillow Group
Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make home a reality for more and more people. As the most visited real estate website in the United States, Zillow and its affiliates help people find and get the home they want by connecting them with digital solutions, great partners, and easier buying, selling, financing and renting experiences. 

Zillow Group's affiliates, subsidiaries and brands include Zillow®; Zillow Premier Agent®; Zillow Home Loans℠; Trulia®; Out East®; StreetEasy®; HotPads®; and ShowingTime+℠, which includes ShowingTime®, Bridge Interactive®, and dotloop®. 

All marks herein are owned by MFTB Holdco, Inc., a Zillow affiliate. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 ( © 2023 MFTB Holdco, Inc., a Zillow affiliate.




For further information: Alex Lacter, Zillow,