What is the U.S. housing market actually worth?
A recent study from Redfin detailed home much value the housing market in America has gained over the past year. The total value of the U.S. housing market gained $3.1 trillion in value over the last 12 months, and now sits at $49.6 trillion total value, an all-time high.
The U.S. is now home to eight trillion-dollar markets with Anaheim, CA, Washington, DC, Chicago, IL, and Phoenix, AZ joining the ranks of metro areas that top $1 trillion in value.
New Brunswick, NJ and Newark, NJ were the only two metro areas to post year-over-year growth over 13.0%.
Homes in suburban areas are still the majority of the value at $30.1 trillion, but rural areas posted the largest percentage increase. Rural home values jumped by over 7.0%.
Where are Americans migrating to?
Californians looking to migrate is still a trend in 2024. According to recent data, the ‘Texafornia’ trend is continuing post pandemic. Between April and June 2024, 8.1% of home shoppers browsing Texas homes originate in California.
Texas tops the list, but Californians are also looking to move to state like Arizona, Nevada, Florida, and Oregon.
Realtor.com senior economist Jiayi Xu stated, “Seeking affordability is one of the key reasons that Californians shopped in these states.” Xu went on to say, “In addition to high prices, the high insurance costs such as for wildfire could also increase housing burdens and force people to move away from California.”
Could a home in Malibu, CA break a record?
A home listed for sale could break the record for the priciest home ever purchased. A one-of-a-kind megamansion is slated for listing in Malibu, CA for $300 million.
If this home gets its asking price, it will break the recent record of $190 million set by a Los Angeles estate that was owned by Jay-Z and Beyonce.
The seller would not provide complete details of all the perks included in the new property, but it’s more than likely that the amenities are substantial.
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