U.S. Housing Market Nears $50 Trillion in Value as Number of Trillion-Dollar Metros Doubles
Redfin reports that the total value of U.S. homes has reached a record $49.6 trillion, increasing by $3.1 trillion (6.6%) over the past year. The number of trillion-dollar metros has doubled to eight, including Anaheim, Chicago, Phoenix, and Washington, D.C. joining the existing four. New Jersey metros near New York City saw the largest percentage gains, with New Brunswick up 13.3% and Newark up 13.2%.
Rural home values outpaced urban and suburban areas, rising 7% year-over-year. The total value of millennial-owned homes increased by 21.5% to $8.6 trillion, significantly outpacing other generations. Asian neighborhoods experienced the largest increase in home value at 9%, rebounding from a decline in 2022-2023.
Redfin riporta che il valore totale delle abitazioni negli Stati Uniti ha raggiunto un record di 49,6 trilioni di dollari, aumentando di 3,1 trilioni di dollari (6,6%) nell'ultimo anno. Il numero di metropoli da un trilione è raddoppiato a otto, comprese Anaheim, Chicago, Phoenix e Washington D.C. che si uniscono alle quattro già esistenti. Le metropoli del New Jersey vicino a New York hanno registrato i maggiori guadagni percentuali, con New Brunswick in aumento del 13,3% e Newark in aumento del 13,2%.
I valori delle abitazioni rurali hanno superato quelli delle aree urbane e suburbane, salendo del 7% su base annua. Il valore totale delle abitazioni possedute da millennial è aumentato del 21,5% raggiungendo 8,6 trilioni di dollari, superando significativamente le altre generazioni. I quartieri asiatici hanno visto il maggiore incremento del valore delle abitazioni, con un aumento del 9%, recuperando così da una diminuzione nel 2022-2023.
Redfin informa que el valor total de las viviendas en EE. UU. ha alcanzado un récord de 49,6 billones de dólares, aumentando en 3,1 billones de dólares (6,6%) en el último año. El número de áreas metropolitanas de un billón se ha duplicado a ocho, incluyendo Anaheim, Chicago, Phoenix y Washington D.C. que se suman a las cuatro existentes. Las áreas metropolitanas de Nueva Jersey cerca de Nueva York vieron las mayores ganancias porcentuales, con New Brunswick en aumento del 13,3% y Newark en aumento del 13,2%.
Los valores de las viviendas rurales superaron a los de las áreas urbanas y suburbanas, aumentando un 7% en comparación interanual. El valor total de las viviendas propiedad de los millennials aumentó un 21,5% hasta alcanzar los 8,6 billones de dólares, superando significativamente a otras generaciones. Los vecindarios asiáticos experimentaron el mayor aumento en el valor de las viviendas, con un 9%, recuperándose de una caída en 2022-2023.
Redfin은 미국 주택의 총 가치가 49.6조 달러에 도달하여, 지난 1년 동안 3.1조 달러 (6.6%) 증가했다고 보고했습니다. 1조 달러 규모의 도시 수는 기존 4개에 4개를 더해 총 8개로 두 배 증가했습니다. 뉴욕 근처의 뉴저지 도시는 가장 큰 퍼센트 증가를 보였으며, 뉴브런즈윅은 13.3% 상승했고, 뉴왁은 13.2% 상승했습니다.
농촌 지역의 주택 가치는 도시 및 교외 지역을 초과하여 연간 7% 상승했습니다. 밀레니얼 세대가 소유한 주택의 총 가치는 21.5% 증가하여 8.6조 달러에 달하여, 다른 세대보다 현저히 빠른 상승세를 보였습니다. 아시아 커뮤니티는 9%로 가장 큰 주택 가치 증가율을 기록했으며, 2022-2023년의 감소에서 반등했습니다.
Redfin rapporte que la valeur totale des maisons aux États-Unis a atteint un record de 49,6 billions de dollars, augmentant de 3,1 billions de dollars (6,6%) au cours de l'année écoulée. Le nombre de métropoles d'un billion a doublé pour atteindre huit, y compris Anaheim, Chicago, Phoenix et Washington D.C., qui rejoignent les quatre existantes. Les métropoles du New Jersey près de New York ont connu les plus grands gains en pourcentage, avec New Brunswick en hausse de 13,3% et Newark en hausse de 13,2%.
Les valeurs des maisons rurales ont surpassé celles des zones urbaines et suburbaines, augmentant de 7% d'une année sur l'autre. La valeur totale des maisons détenues par les millennials a augmenté de 21,5% pour atteindre 8,6 billions de dollars, dépassant ainsi les autres générations. Les quartiers asiatiques ont connu la plus forte augmentation de valeur immobilière avec 9%, se remettant d'une baisse en 2022-2023.
Redfin berichtet, dass der Gesamtwert der Immobilien in den USA einen Rekord von 49,6 Billionen Dollar erreicht hat, was einem Anstieg von 3,1 Billionen Dollar (6,6%) im letzten Jahr entspricht. Die Anzahl der Billionen-Dollar-Metropolen hat sich auf acht verdoppelt, einschließlich Anaheim, Chicago, Phoenix und Washington D.C., die sich den bereits vorhandenen vier angeschlossen haben. Metropolen in New Jersey nahe New York verzeichneten die größten prozentualen Zuwächse, mit New Brunswick um 13,3% und Newark um 13,2%.
Die Immobilienwerte in ländlichen Gebieten übertrafen die in städtischen und vorstädtischen Gegenden und stiegen im Jahresvergleich um 7%. Der Gesamtwert der von Millennials gehaltenen Immobilien stieg um 21,5% auf 8,6 Billionen Dollar und übertraf damit deutlich andere Generationen. Asiatische Viertel erlebten den größten Anstieg des Immobilienwerts mit 9%, nachdem sie sich von einem Rückgang in 2022-2023 erholt hatten.
- Total U.S. home value reached a record $49.6 trillion, up 6.6% year-over-year
- Number of trillion-dollar metros doubled from four to eight
- Rural home values increased by 7%, outpacing urban and suburban areas
- Millennial-owned home values rose 21.5% to $8.6 trillion
- Asian neighborhoods saw a 9% increase in home value, the largest among demographic groups
- Cape Coral, FL was the only metro to record a fall in total home value, dropping 1.6%
- Sun Belt metros, especially in Texas, grew slower than other regions
- Total value of homes owned by the Silent Generation fell for the fifth straight quarter, dropping 1.6%
Insights
The U.S. housing market's approach to a
- The doubling of trillion-dollar metros from 4 to 8 indicates concentrated wealth in major urban centers.
- New Jersey's metro areas leading growth suggests a shift in preferences towards more affordable markets near major cities.
- The 21.5% increase in millennial-owned home values highlights a generational shift in homeownership, potentially reshaping market dynamics.
- The disparity in value growth across different ethnic neighborhoods warrants attention for potential equity issues.
These trends suggest a market that's evolving but still faces challenges in affordability and accessibility for first-time buyers.
The demographic shifts revealed in this report are important for understanding long-term market dynamics. The millennial generation's growing influence is particularly noteworthy, with their home values surging by
- Millennials reaching peak homebuying age and financial stability
- Potential for sustained demand in the housing market
- Changing preferences in home types and locations
Conversely, the decline in Silent Generation home values (-
The housing market's trajectory towards
- The 6.6% growth rate outpaces inflation, indicating real wealth creation
- Suburban home values crossing
$30 trillion reflect ongoing suburbanization trends - Rural areas'
7% growth rate suggests increasing appeal of non-urban living
However, the market faces headwinds:
- Potential interest rate fluctuations could impact affordability
- Supply constraints may continue to drive prices up, exacerbating affordability issues
- Regional disparities in growth rates indicate uneven economic recovery
Redfin reports there are now eight metros, up from four a year ago, where the total value of homes topped
In percentage terms, the total value of the
“The value of America’s housing market will likely cross the
New construction was another factor driving the overall increase in market valuation. Redfin’s analysis examined the Redfin Estimate for roughly 97.6 million homes, compared to 96.8 million homes a year earlier.
Thirteen major metros posted double-digit percentage gains in total property value over the last year, led by relatively-affordable
The number of metros where the total value of homes topped
It’s worth noting that while San Francisco’s aggregate home value is roughly
Total value of suburban homes reaches
Rural home values outpaced those in urban areas and the suburbs, jumping
There are around 57 million homes in the suburbs, compared to 22 million in urban areas and 21 million in rural areas.
The total value of millennial-owned homes rises more than
The total value of homes owned by millennials rose
The increase is partly due to the overall growth in home prices, but also because millennials are now the largest generation by population and have reached an age and financial position where they make up a larger share of the homebuying market. Around two-thirds of the mortgages taken out in 2023 were issued to homebuyers under the age of 45.
Meanwhile, the total value of homes owned by the Silent Generation fell for the fifth straight quarter, dropping
Asian neighborhoods experience largest increase in home value
After falling in 2022-2023, the total value of homes in neighborhoods that are majority Asian bounced back over the past 12 months, rising
In comparison, majority white neighborhoods experienced a
To view the full report, including charts, additional metro-level data and methodology, please visit: https://www.redfin.com/news/housing-market-value-june-2024
About Redfin
Redfin (www.redfin.com) is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, title insurance, and renovations services. We run the country's #1 real estate brokerage site. Our customers can save thousands in fees while working with a top agent. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can have our renovations crew fix it up to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than
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For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin's press release distribution list, email press@redfin.com. To view Redfin's press center, click here.
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Redfin Journalist Services:
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press@redfin.com
Source: Redfin
FAQ
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