In the most recent report from Zillow’s Treh Manhertz, the full U.S. housing stock gained about $2.5 trillion in value in 2020. This includes a $2.2 trillion from appreciation of existing homes and $274 billion from new construction. The increase is the highest in the last 16 years.
“And as strong as 2020 was, Zillow expects 2021 to be even stronger, with gains in value that could very well exceed last year’s $2.5 trillion bump,” Manhertz wrote.
After a strong 2020 that saw record-breaking figures, the U.S. housing market continues to defy the economic downturn that was a result from the COVID-19 pandemic.
In regards to region, 21.4% of the country’s value is coming from California, with homes worth a cumulative $7.8 trillion. According to Zillow, this is more than the next three states combined. Read the full report here: https://www.zillow.com/research/zillow-total-housing-value-2020-28704/