{"id":142368,"date":"2025-09-08T20:02:26","date_gmt":"2025-09-08T20:02:26","guid":{"rendered":"https:\/\/www.newsbeep.com\/us\/142368\/"},"modified":"2025-09-08T20:02:26","modified_gmt":"2025-09-08T20:02:26","slug":"new-york-on-top-of-55-1-trillion-housing-market-nationwide-report-rismedia","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us\/142368\/","title":{"rendered":"New York on Top of $55.1 Trillion Housing Market Nationwide: Report \u2014 RISMedia"},"content":{"rendered":"

A new Zillow analysis reveals that the U.S. housing market is worth a record $55.1 trillion<\/a>\u2014$20 trillion more than what it was worth in 2020 at the beginning of the COVID-19 pandemic.\u00a0<\/p>\n

However, it\u2019s important to note that the change in wealth varies by region. States located in the Sun Belt are cooling, while homes in the Northeast and Midwest are gaining traction. A recent ATTOM report<\/a> confirms this, as the housing market in Southern states was considered riskier for owners.<\/p>\n

States with high populations saw the largest total value gains since 2020:<\/p>\n

California ($3.4 trillion)
\nFlorida ($1.6 trillion)
\nNew York ($1.5 trillion)
\nTexas ($1.2 trillion)<\/p>\n

While the top four states saw growth since the pandemic, three of them lost significant value in the past year. According to the analysis, Florida\u2019s housing market dropped by $109 billion, California fell by $106 billion and Texas lost $32 billion.<\/p>\n

Nationally, the housing market reached a new record, but it\u2019s slowing down as far as growth is concerned\u2014with the U.S. housing market gaining $862 billion in the past year, or 1.6%.<\/p>\n

Orphe Divounguy, a senior economist at Zillow, said, \u201cEven as buyers struggled with rising costs, U.S. housing wealth kept climbing.\u201d<\/p>\n

Although most of the top states fell in the past year, New York stands among the rest with the biggest gain of any state at $216 billion in the past year, accounting for a quarter of the national growth. New York was followed by New Jersey at $101 billion, Illinois at $89 billion and Pennsylvania at $73 billion.<\/p>\n

Zillow researchers explain that Southern states as well as some Western states are cooling in growth due to massive gains in home value coupled with rising insurance costs<\/a>. A recent report from S&P Cotality also confirms that the South is slowing down in home price gains<\/a>, while rising in inventory<\/a>.\u00a0<\/p>\n

According to the report, new construction<\/a> added $2.5 trillion to the market since 2020, accounting for nearly 12.5% of the nation\u2019s total gain. States that had the biggest demand during the pandemic have the biggest share of housing market gains from new construction.<\/p>\n

From new construction alone, Utah gained 23%, Texas and Idaho grew about 22% while Florida gained 20%.\u00a0<\/p>\n

Zillow reports that there are nine metropolitan areas with a housing market worth more than $1 trillion. Together, they account for a third of a nation\u2019s housing wealth at 31.9%. The top cities are:<\/p>\n

New York, New York ($4.6 trillion)
\nLos Angeles, California ($3.9 trillion)
\nSan Francisco, California ($1.9 trillion)
\nBoston, Massachusetts ($1.3 trillion)
\nWashington. D.C. ($1.3 trillion)
\nMiami, Florida ($1.2 trillion)
\nChicago, Illinois ($1.2 trillion)
\nSeattle, Washington ($1.1 trillion)
\nSan Diego, California ($1 trillion)<\/p>\n

Despite their value, all but New York lost a combined total of $18 billion in the past year. New York was a major outlier, gaining the most value out of any metro at $260 billion.\u00a0<\/p>\n

Zillow researchers suggest that accumulation of wealth in New York is largely due to changes in work environments\u2014moving away from in-person to hybrid or fully remote work\u2014and affordability hurdles.<\/p>\n

\u201cNew construction opened the door for many first-time homeowners, creating trillions in wealth that didn\u2019t exist five years ago,\u201d Divounguy said. \u201cHome value gains are a windfall for longtime homeowners, but they also highlight how housing deficits that sent prices soaring left behind many aspiring first-time buyers. The bottom line is that we need more homes to solve our chronic affordability crisis.\u201d<\/p>\n

For the full report, click here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"A new Zillow analysis reveals that the U.S. housing market is worth a record $55.1 trillion\u2014$20 trillion more…\n","protected":false},"author":2,"featured_media":142369,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37],"tags":[28,112],"class_list":["post-142368","post","type-post","status-publish","format-standard","has-post-thumbnail","category-markets","tag-business","tag-markets"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/142368","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=142368"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/142368\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/142369"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=142368"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=142368"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=142368"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}