Zillow’s latest research on 2018 housing market value indicates that total market value hit $33.3T, a +6.2% or $10.9B more than the market crash in 2012.
Of all the 50 states, California was the only state to experience a gain of $1T within this same time frame. The state also represents one half of the $3.7T total gain in market value since February 2012.
New York is the country’s other juggernaut with a housing market value of $3T, the most valuable in the country. New York State represents 9.1% of the nation’s total housing market value.
Some metros among the country’s housing stock are so valuable that the total value in one market often overshadows that of the total housing in an entire state. For example, homes in the Washington DC metro have a combined value of $892B, more than all home values in 40 individual states.
Looking in the now rearview mirror of 2018, the year showed unusually “…strong, stable home value growth across the country…” per Zillow’s report.
Despite emerging cracks in the housing market’s foundation, Aaron Terrazas, chief economist with Zillow, said, “During the first ha\lf of the year, appreciation slowed sharply in the priciest corners of the country while it picked up in affordable hot spots (Atlanta, Greensboro, Akron, Philadelphia). (In terms of economic cycles,) periods of stability often proceed periods of instability. Our outlook for 2019 is certainly both cloudier and blurrier that the outlook a year ago…Moving toward an uncertain future…many Americans have been more reluctant…to spend against their home’s worth.”