The residential real estate market in the U.S. stands as one of the largest asset classes in the country, worth $47.5 trillion in 2023.
Despite a slowdown in home sales, the total value of homes increased $2.4 trillion last year as low inventory levels pushed up prices. Affordable metropolitan areas saw steady price growth, while expensive metros experienced slower price appreciation.
This graphic shows America’s most valuable housing markets, using data from Redfin.
To calculate the largest U.S. housing markets, Redfin analyzed 90 million properties covering single-family homes, townhouses, condos, and two-to four-unit multifamily properties.
Below, we show the most valuable residential markets as of December 2023:
| Rank | U.S. Metro | Total Value of Homes | Total Value of Homes YoY Change |
|---|---|---|---|
| 1 | New York, NY | $2.4T | -1.0% |
| 2 | Los Angeles, CA | $2.1T | +4.3% |
| 3 | Atlanta, GA | $1.2T | +6.2% |
| 4 | Boston, MA | $1.2T | +8.3% |
| 5 | Anaheim, CA | $1.1T | +8.0% |
| 6 | Washington, DC | $1.0T | +6.2% |
| 7 | Chicago, IL | $991B | +7.4% |
| 8 | San Diego, CA | $988B | +9.4% |
| 9 | Phoenix, AZ | $987B | +4.2% |
| 10 | Seattle, WA | $911B | +4.6% |
Source: www.visualcapitalist.com
