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
Housing Markets
10 Biggest Publicly Traded Home Builders Undeterred by High Mortgage Rates
Together, the 10 biggest builders recorded 77,255 new homes in Q1 2024, an increase of more than 18% from Q1 2023
Housing Markets
States Seek Long-Term Solutions to Reform Property Taxes
Rising home prices typically lead to higher property tax assessments, which has been the case in many Mountain West states, prompting lawmakers to grapple with property tax relief
Housing Markets
Metros Where Housing Prices Have Doubled in Less Than 10 Years
Historical data show it's taken less than 10 years for home prices to double in 68 of the country’s 100 largest cities