SAN FRANCISCO (KRON) – In 2021, U.S. housing gained nearly $7 trillion in value, breaking the previous record for a single year, according to a new Zillow analysis.
That makes the U.S. housing market worth twice as much as it was a decade ago in the middle of the Great Recession, analysts said.
Here in San Francisco, it’s no surprise that homes are worth a total of $1.95 trillion, according to Zillow’s estimate. That makes the San Francisco metro the third-most valuable out of the 50 largest U.S. metros, behind New York and Los Angeles.
The San Francisco metro area is now worth $1.2 trillion more than it was 10 years ago.
The report also analyzed homes in the nearby San Jose metro area – where they were worth a total of $836 billion, ranking ninth among the top 50 metros.
In San Jose, the housing market is now worth $548 billion more than it was a decade ago.
Los Angeles–area homes gained more value than any other metro in 2021, but the New York metro area remains the nation’s largest housing market, worth $3.5 trillion.
Here are the top 5:
- New York ($3.5 trillion)
- Los Angeles ($3.3 trillion)
- San Francisco ($2 trillion)
- Boston ($1.1 trillion)
- Washington, D.C. ($1.1 trillion)
California is home to more than one-fifth (21%) of the nation’s housing value, according to Zillow. The state’s housing stock gained $1.4 trillion in 2021 and is now worth a total of $9.2 trillion – that’s more than the combined value of the bottom 30 states.
The Golden State is among 14 states with more than $1 trillion in housing value. Other states that surpassed that milestone include Colorado, Arizona, and Georgia, the report revealed.
To read more on the study, click or tap here.