U.S. Housing Market Gained $2.5 Trillion in Value in 2024
In 2024, the combined value of United States homes gained $2.5 trillion, reaching $49.7 trillion. This statistic is according to an analysis of the Redfin Estimate for more than 98 million U.S. residential properties as of Dec. 31, 2024. Data of which is subject to revision.
Reported as the slowest growth in a calendar year since 2019, and the second slowest since 2011, the total value of the U.S. housing market grew 5.2% year-over-year in percentage terms.
“There are more homes for sale right now than in recent years and that has led to buyer’s markets in many areas of the country. That’s good news, but it doesn’t mean homes are getting cheaper—prices continue to tick up each month,” said Redfin Economics Research Lead Chen Zhao. “We expect prices—and therefore home values—to keep rising steadily this year because there are still enough buyers competing over a relatively small number of listings, compared to before the pandemic.”
According to Redfin, Still, the total value of the U.S. homes has more than doubled over the past decade, from $23 trillion in 2014.
The combined value of U.S. homes peaked at $50.4 trillion in July. The drop to $49.7 trillion is reflective of seasonal sales trends, with overall home values rising during the peak buying seasons between March and September and falling during the winter months when fewer properties are sold.
It’s worth noting that new construction also helps underpin the overall increase in market valuation. This analysis examined the Redfin Estimate for 98.91 million homes, compared to 98.03 million homes a year earlier.
