The total value of owner-occupied residential real estate in the 50 largest metros reached $23.48 trillion in 2022, the latest year for which such data is available, which is 38% more than the total value of homes in 2019.
The 50 largest metros make up the bulk of home values across the country, but the total value of owner-occupied homes across all markets in 2022 was $36.6 trillion, according to LendingTree, citing data from the U.S. Census Bureau’s 2019 and 2022 American Community survey.
The D.C. metro’s total value of owner-occupied homes reached just over $1 trillion in 2022, behind only New York City and Los Angeles, and San Francisco in California, at $2.74 trillion, $2.3 trillion and $1.39 trillion respectively.
The growth in home value of all owner-occupied housing in the D.C. region between 2019 and 2022 was 32.6%.
The D.C. metro is the sixth-largest metro by population, so ranking fourth-highest for total home value is also noteworthy.
“D.C. is home to, let’s face it, a lot of very wealthy people who own a lot of very expensive real estate, and when taken altogether you end up with an overall valuation really being quite high,” said LendingTree senior economist Jacob Channel.
Chicago, Boston, Seattle, Miami, Dallas and Phoenix round out the top 10, with total values ranging from $876.3 billion to $469.9 billion.
At the bottom of the list among 50 largest metros is Memphis, Tennessee, with a total housing value of $88.4 billion, though that is still a three-year growth rate of 44.1%. Memphis is followed at the bottom by Birmingham, Alabama, Buffalo, New York, Oklahoma City, Oklahoma, and New Orleans, Louisiana.
Among the top 10, Phoenix, Arizona, has seen the largest three-year increase in total home values, rising 73.3% between 2019 and 2022. Among all metros, Austin, Texas, has seen the most significant three-year increase in aggregate home value, up almost 90%.
Nationwide, the total value of all owner-occupied homes in the U.S. rose by 39.7% between 2019 and 2022, or more than $10 trillion.
“While some may fear that an imminent housing crash will wipe away much of the value held in residential real estate, the truth is that the housing market doesn’t actually appear as though it’s on the precipice of a major collapse,” Channel said.
“Because of this, the total value of homes in the U.S. will probably keep climbing as time goes on, and, over the coming decades, we’ll likely see even more metros with trillion-dollar aggregate home valuations.”
Below is a list of aggregate total owner-occupied home values in the 50 largest metros:
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