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<\/p>\n Email Link<\/p>\n \n Buying a home has become increasingly pricey in the past few years. Now, Zillow has put a staggering number to those higher costs: America\u2019s housing market has climbed 57% since 2020, to a record $55 trillion.\n <\/p>\n \n That means that in just five years, the US housing market\u2019s value has climbed $20 trillion, according<\/a> to data from the real estate company released Monday.\n <\/p>\n \n Zillow\u2019s findings highlight a housing market that remains historically expensive, with values climbing even as elevated mortgage rates<\/a> sideline would-be buyers and force more sellers to slash asking prices.\n <\/p>\n \n But the housing market\u2019s gains haven\u2019t been spread evenly in 2025. New York added $216 billion in value over the last year, more than any other state. New Jersey, Illinois and Pennsylvania were close behind.\n <\/p>\n \n In contrast, pandemic-era boom states Florida, California and Texas lost billions in their housing markets in 2025. Once magnets for buyers seeking sunshine \u2013 and often looser Covid restrictions \u2013 demand has started to cool off in these states<\/a>.\n <\/p>\n \n Real estate agents in Florida, California and Texas told CNN that inventory is building and that sellers have had to offer price cuts or concessions to entice buyers, who are increasingly reluctant to pay the same elevated prices they may have paid a few years ago.\n <\/p>\n \n \u201cReal estate is cyclical, and we\u2019re definitely in a down cycle,\u201d Sharon Ross, a real estate agent in South Florida, recently told CNN. \u201cSellers are getting hit with lower offers, and I\u2019m trying to manage their expectations.\u201d\n <\/p>\n \n That\u2019s partially due to an explosion in home insurance rates and property taxes, Ross said. Florida, along with California and Texas, is particularly vulnerable to worsening natural disasters<\/a> fueled by climate change, and the cost to insure a home has risen precipitously as a result.\n <\/p>\n \n \u201cI\u2019ve had buyers cancel deals after they got the insurance quote,\u201d Ross said.\n <\/p>\n
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