US Housing Market Value Reaches a Record $55.1 Trillion

As costs continue on their upward trajectory, the U.S. housing market is rising in value. According to housing market platform Zillow, the value of housing nationwide reached a record $55.1 trillion in June 2025, an increase of $20 trillion, or about 57%, since 2020. About 12.5% of that value growth is credited to newly built homes, while the remainder came from price appreciation on existing inventory.

Home value growth looks different in every U.S. metro area

Some metros are seeing values rise faster than others; in fact, just nine metros account for one-third of the nation’s housing wealth.

New York City, with a housing market value of $4.6 trillion, leads the way, followed by: Los Angeles at $3.9 trillion; San Francisco at $1.9 trillion; Boston and Washington, D.C., at $1.3 trillion, respectively; Miami and Chicago, each at $1.2 trillion; Seattle at $1.1 trillion; and San Diego with a total housing market value of $1 trillion.

How has new construction contributed to the U.S. housing market value?

Since early 2020, new construction has added $2.5 trillion in housing value nationwide, with some metros seeing more of this growth than others. New homes have added the most value in South and Western states, such as Utah, Texas, Idaho, and Florida. Each of these states have experienced a significant increase in home building over the past five years.

Some markets, however, have seen values drop in recent months

• Home Values Fall Behind in Hispanic Communities: Although home values are growing across the nation, recent data shows that home values in majority-Hispanic neighborhoods are falling behind. 
• 110 Housing Markets Where Prices Are Falling: As of June 2025, 110 of the largest 300 housing markets experienced year-over-year price declines.