Housing

US Housing Market Hits $36 Trillion

Douglas A. McIntyre

Published: January 14, 2024 11:05 am

Last Updated: January 15, 2024 7:43 am

According to LendingTree, the value of owner-occupied homes in the United States reached $36.6 trillion in 2022. The figure was based on the U.S. Census Bureau American Community Survey data.

Across the top 50 metros at the end of 2022, the total value was $23.48 trillion, up 38% from 2019. Of these, the value of homes with mortgages was $15.82 trillion. This is $8.18 trillion higher than the total value of homes without a mortgage. The researchers wrote, “There are various reasons why this is the case — chief among them is that there are more than 13 million more owner-occupied homes with a mortgage in these metros than owner-occupied homes without one.”

New York City topped the list at $2.75 trillion for all owner-occupied homes. The median home price in the metro was $578,800. Los Angeles was next at $2.31 trillion for all owner-occupied houses. The median value of a home in L.A. was $847,400. The total market value between the two cities is so close to one another because the median home value number in L.A. is 46% higher than in New York, although New York City’s population is so much larger. (This is the hottest housing market in America.)

San Francisco, much smaller than L.A. or New York, was third on the list with a total value of $1.39 trillion. A modest-sized city can rank third because the median home value in San Francisco is $1,135,500, double that of New York.

Home prices rose nationwide between 2019 and 2022 primarily due to supply chain issues and low mortgages. Low home loan availability pushed demand up, and supply chains pushed inventory down.