The total value of residential real estate in the U.S. has reached a new record of $52 trillion, up 49% compared to just before the pandemic, according to data compiled by Zillow.
Among metro areas, the D.C. region easily ranks in the top 10 for total residential real estate value, but has slipped one spot to sixth place this year, overtaken by Miami, which jumped from ninth place in 2022 to fifth place this year.
New York, Los Angeles, San Francisco and Boston round out the top five by total housing value.
Zillow calculates the total value of all residential real estate in the D.C. metro region at $1.142 trillion as of June, $35.1 million more than June of 2022, or a gain of 3.2%. Among the top 10, that is the second-smallest annual gain, ahead of only Los Angeles, where total home values are virtually unchanged from a year ago.
Among the top 10, San Francisco and Seattle are the only metros where total home values have decreased, down 8.8% and 5.1% respectively.
The top-ranked New York City metro area’s total housing stock is valued at $4.239 billion, up 4.2%.
Miami, at $1.27 billion, has seen the largest gain, with total home value growing by $100.5 million, or 8.6% on an annual basis.
Mirroring Miami’s rise over the past year, Florida is now the second-most valuable state for total residential real estate value, at $3.846 trillion, bumping New York State to third place, at $3.69 trillion.
California remains the country’s housing behemoth, with more than $10 trillion of value in its housing market, or nearly 20% of the national total.
Below are the 10 most valuable metros and 10 most valuable states based on total residential real estate, courtesy Zillow: