The US housing market gained $6.9T during 2021, the most in a single year, and doubled in value in the past 10 years.

Housing Market Doubles Over Past Decade

The value of private residential real estate in this country exploded by $6.9T in 2021 for a total of $43.4T.  This $43.4T is double the housing market value since the dregs of Great Recession lows.

Since hitting the market value of $40T in June 2021, market gains averaging more than a half a trillion dollars per month have been the standard.  Comparing the trajectory of market gains over just 30 years ($30T in July 2017, $20T in 2004 and $10T in 1994, according to the FHFA and S&P Case-Shiller), such housing market growth is staggering.

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Not only did the typical US home value jump by +19.6% last year, more new homes were built nationwide in 2021 than in any year since 2007.

State Housing Market Gains

As we highlighted in an article last week, California’s housing market was the leader in market gains during 2021 with its gains of $9.24T.  This $9.24T accounts for 21.3% of the national housing market gain.

Take a look at other states and their respective market value growth in 2021:

  • Florida – +64% of the US total at $2.64T and contributing 8.3% of the year’s total growth ($571B), over indexing by 30.9%
  • Idaho – +64.1%
  • Utah – +49.2%
  • Montana – +46.3%
  • Arizona – +40.0%
  • Colorado – +34.5%

Metros contributing the most to overall home market growth in 2021 included:

  • Los Angeles – 6.3% of total market gains at $431B
  • New York – 5.0%
  • San Francisco – 3.3%
  • San Diego – 22.9%
  • Phoenix – 2.5%

Obviously, the top contributors on this list reflect the overall size of these markets.  There were, however, some exceptions to this.

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Phoenix, the country’s 14th largest metro by population, was the fifth greatest contributor to the overall gains in housing market value.  Austin, the country’s 35th largest metro area, matched the value added to total market gains by Houston, the sixth largest metro by population.

More Expensive Homes Added Nearly 2/3 of Market Value Gains

Value-added by price tiers:

  • Homes in the top third of home values represented 60.8% of the total $43.4T housing market gains in 2021.
  • Homes in the middle tier accounted for 26.4% of market gains
  • Homes in the bottom price tier represented 12.8% of total market gains.

The highest multiplier of top-tier home values included:

  • Hawaii – 5.1x
  • New York – 4.9x
  • California – 4.8X

The lowest multiplier of bottom-tier values included:

  • Alaska – 3.3x
  • North Dakota – 3.4x
  • Nevada – 3.5x

Thanks to Zillow.


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