Report: 2024 Housing Market Gained $2.5 Trillion in Value

The US housing market gained $2.5 trillion in value in 2024 to reach $49.7 trillion, according to a new data report from Redfin (NASDAQ: RDFN). But while the total value of the housing market grew 5.2% year-over-year, this represented the slowest growth in a calendar year since 2019 and the second slowest since 2011.

Redfin added the total value of housing market has more than doubled over the past decade, from $23 trillion in 2014, while the combined value of the nation’s homes peaked at $50.4 trillion in July. The drop to $49.7 trillion was reflective of seasonal sales trends, the company added.

Major metros in the Northeast gained the most value in percentage terms in 2024, led by the upstate New York markets in Albany and Rochester in upstate New York. Albany’s aggregate home value rose 11.3% to $110.7 billion while Rochester’s total value increased 11.2% to $124.3 billion. Redfin observed the rising value can be attributed to a shortage of homes for sale in the region, thus driving up prices.

Among housing sectors, rural home values outpaced those in urban areas and the suburbs for the seventh consecutive year, jumping 6.4% year over year to $8.1 trillion. The total value of homes in urban areas rose 4.9% to $10.6 trillion, while the value of homes in the suburbs increased 5.1% to $30.8 trillion. There are around 59 million homes in the suburbs, compared to 23 million in urban areas and 22 million in rural areas.

“There are more homes for sale right now than in recent years and that has led to buyer’s markets in many areas of the country. That’s good news, but it doesn’t mean homes are getting cheaper—prices continue to tick up each month,” said Redfin Economics Research Lead Chen Zhao. “We expect prices—and therefore home values—to keep rising steadily this year because there are still enough buyers competing over a relatively small number of listings, compared to before the pandemic.”