The total value of the housing market now exceeds $1 trillion in eight US cities, doubling from just four cities last year and underscoring just how much home prices have skyrocketed in a relatively short time, according to a report released Thursday from Redfin.
Chicago, Phoenix, Washington and Anaheim, California, have joined New York, Los Angeles, Atlanta and Boston as cities where total home values top $1 trillion, according to the report. San Diego and Seattle are close behind, with total home values of approximately $987 billion and $971 billion, respectively.
The report, which analyzed Redfin’s value estimates for more than 95 million US residential properties in June 2024, also found that the total value of homes across the US jumped by $3.1 trillion to a record $49.6 trillion in the last year.
“The value of America’s housing market will likely cross the $50 trillion threshold in the next 12 months as there are not enough homes being listed to push prices down,” Redfin economist Chen Zhao said in a statement
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Article URL : https://www.cnn.com/2024/08/08/business/trillion-dollar-home-cities/index.html