U.S. Home Values Increased by $2.5 Trillion in 2020

In the highest home value gain since 2005, U.S. home values reached $36.2 trillion total—with a $2.5 trillion increase in 2020 alone. The intense demand for housing pushed prices to new highs and inventory to new lows, but Zillow says 2021’s housing market could be even stronger. A large chunk of the country’s housing value comes from California, 21.4%, which is more than the next three state values combined. Housing values are highest in Los Angeles, San Francisco, San Jose, and San Diego, giving California a housing value of $7.8 trillion total.

To put that $7.8 trillion statewide total in perspective: On its own, the total value of the Golden State’s housing market easily surpasses the 2019 GDP of Japan (about $5 trillion), the world’s third-largest national economy. 

North Dakota ($64 billion), Wyoming ($70 billion) and South Dakota ($72 billion), three of the least-populous states, have the smallest shares of the U.S. housing market. Alaska was the only state where the housing stock lost value in 2020, down 1.8% or about $1.5 billion. That was caused by relatively low levels of new construction and declining values among homes in Alaska’s top tier. 

Over the past decade, the total value of the housing stock has more than doubled in six states. Idaho leads the way, gaining 149% since 2011. Most of that growth comes from the Boise metro, where the total housing stock has more than tripled in value during that time, most of any of the 100 largest U.S. metros. Nevada (146.3%), Utah (126.2%), Arizona (116.5%), Colorado (111.6%) and Washington (108%) also saw their total housing market value double over the past decade. 

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