Fast-paced home value growth coupled with a record number of newly built homes has increased the total market value of residential real estate in the U.S. at the start of 2023, but the most valuable markets vary by state, Zillow reports. Home to roughly one-fifth of the nation’s total housing value, with a December 2022 market total of $9.52 trillion, California tops the list of the most valuable U.S. markets.
The Golden State is followed by Florida and New York, where steady growth in popular regional markets pushed the total market values to $3.62 trillion and $3.32 trillion, respectively, in 2022.
The combination of record-fast home value growth to start the year and a record number of newly built homes increased the total market value of residential real estate in the U.S. in 2022, despite price drops to end the year. California remains untouchable on its perch as the most valuable housing market in the country, but Florida was the big winner of 2022, jumping over New York into second place.
Advertisement
Related Stories
Affordability
Hidden Expenses Are Adding to the Housing Affordability Crisis
States such as Hawaii and California lead the way with annual housing costs just below $30,000
Housing Markets
10 US Metros Embracing YIMBY Housing Policies
Current zoning regulations are adding to the U.S. housing shortage, but cities such as Washington, D.C., and Chicago want to change that
Market Data + Trends
The Average Price per Square Foot of a Home in the US Continues to Grow
From 2019 to 2024, the average price per square foot rose more than 50%, with some metros seeing even greater increases
