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4w ago

U.S. Housing Wealth Hits $55.1 Trillion as Growth Cools, New York Leads Gains

Zillow highlights a geographic turn toward Northeast and Midwest markets.

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The housing market's gains haven't been spread evenly in 2025. New York added $216 billion in value over the last year, while states like Texas, Florida and California lost billions in value, according to Zillow.
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A map shows the nine metropolitan areas where the total housing market value exceeds $1 trillion, according to Zillow.

Overview

  • Total housing value rose by $862 billion over the past year, a 1.6% increase that marks a sharp slowdown from the pandemic surge.
  • New York added $216 billion in the last year, the largest state gain, with New Jersey, Illinois and Pennsylvania also posting sizable increases.
  • Florida, California and Texas recorded year-over-year declines of $109 billion, $106 billion and $32 billion respectively as affordability pressures, rising insurance costs and growing inventory weighed on demand.
  • New construction has contributed $2.5 trillion to housing value since 2020, with the biggest shares of growth tied to building in Utah (23%), Texas (22%), Idaho (22%) and Florida (20%).
  • Nine metros now top $1 trillion in housing value, led by New York at $4.6 trillion, and recent gains are increasingly coming from smaller markets even as many large Sun Belt metros cool.