Redfin: Combined Value of U.S. Homes Climbed to $49.7 Trillion

(Image courtesy of Kindel Media/pexels.com)

Redfin, Seattle, reported the combined value of U.S. homes increased $2.5 trillion in 2024 to hit $49.7 trillion.

That means the total value of the U.S. housing market grew by 5.2% year-over-year. However, that was the slowest growth in a calendar year since 2019 and the second slowest since 2011. But, the total value of U.S. homes have more than doubled over the past decade, from $23 trillion in 2014.

The combined value peaked at $50.4 trillion in July; the decrease since then reflects seasonal sales trends.

“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 Redfin Economics Research Lead Chen Zhao. “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.”

Areas that saw the largest gains in value include Albany, N.Y., at year-over-year growth of 11.3%; Rochester, N.Y., at year-over-year growth of 11.2%; Newark, N.J., at year-over-year growth of 11.1%; Buffalo, N.Y., at year-over-year growth of 11%; and Hartford, Conn., at year-over-year growth of 10.6%.

Rounding out the top 10 are New Brunswick, N.J., Elgin, Ill., New Haven, Conn., New York and Philadelphia.

Three metros saw a drop in total home value, including Cape Coral, Fla., which fell by 2.9%, North Port, Fla., which fell by 1.1%, and Honolulu, which fell by 0.4%.

Broken down by generation, millennials now own more than 20% of the total U.S. home market, with total home value rising 18.8% year-over-year to $9.7 trillion in Q3.