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yesterday

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

Affordability pressures plus rising insurance costs are steering gains toward the Northeast.

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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

  • The total value of U.S. homes has risen by $20 trillion since early 2020 to a record $55.1 trillion, with only a $862 billion increase over the past year, about 1.6%.
  • New York added $216 billion in the past year, the largest state gain, followed by New Jersey ($101 billion), Illinois ($89 billion) and Pennsylvania ($73 billion).
  • Florida lost $109 billion in housing value year over year, California fell by $106 billion and Texas by $32 billion, reflecting pullbacks in several Sun Belt and Western markets.
  • New home construction has contributed roughly $2.5 trillion since 2020, or about 12.5% of total gains, with Utah (23%), Texas (22%), Idaho (22%) and Florida (20%) showing the largest shares tied to building.
  • Nine metro areas now exceed $1 trillion in housing value and together account for about 31.9% of the nation’s total, while agents report rising inventory, price cuts and higher insurance costs weighing on buyers.