SEATTLE – The total value of the U.S. housing market surged more than $2.6 trillion over the past year, according to a Zillow analysis, largely due to rising home prices and the value of new construction.

Florida has been at the forefront of that value gain, according to the data used in the study. In the latest analysis of total real estate value, the Sunshine State took over the No. 2 spot, bumping New York State down to third place. California retains the top spot with more than $10 trillion of value – nearly 20% of the U.S. total.

In a list of the top 20 U.S. metros based on the total value of their real estate, two Florida metro areas make the list:

• 5. Miami-Fort Lauderdale: $1,269.8 billion, up $100.5 billion since June 2022 – 8.6%


• 18. Tampa: $521.1 billion, up $18.5 billion since June 2022 – 3.7%

While “total real estate value” is always a squishy concept – the equivalent of an automated appraisal for every piece of property in America – the trending changes don’t surprise many real estate professionals.

The total value of the U.S. housing market – the sum estimated value for every U.S. home – is now slightly less than $52 trillion, or $1.1 trillion higher than a previous peak reached in June 2022. A small chunk of that growth can be attributed to a 0.7% rise in the average value of a U.S. home during that time, but the main value change comes from new construction.

“A steady flow of new homes hit the market this spring and summer, helping chip away at the deep inventory deficit and boosting the total value of the market,” says Orphe Divounguy, Zillow senior economist. “Enough buyers remained to keep the market moving. … New home sales rose this year while existing home sales fell, and (new homes) should make up a bigger piece of the home sales pie for as long as rates remain elevated.”

The four most valuable metro areas have remained largely unchanged over the past five years: New York, Los Angeles, San Francisco and Boston. But a new entrant from Florida, Miami, claimed the fifth spot, jumping all the way from ninth as recently as May 2021. Miami’s value surge pushed Washington, D.C., out of the top five.

Metros gaining the most value

Of the six markets where housing gained the most value since the start of the pandemic, four are in Florida:

• Tampa: Up 88.9%


• Miami: Up 86.6%


• Jacksonville: Up 82.4%


• Orlando: Up 72.3%

Zillow attributes large population growth as one reason for Florida’s strong new construction figures, but stronger competition for existing homes also played a role.

California remains a behemoth with more than $10 trillion of value in its housing market; nearly 20% of the national total. Florida, New York, Texas and New Jersey round out the top five.

20 ‘most valuable’ metros and percentage changes since June 2022

1. New York: Up 4.2 %


2. Los Angeles: Up 0.1 %


3. San Francisco: Down 8.8%


4. Boston: Up 3.4 %


5. Miami-Fort Lauderdale: Up 8.6 %


6. Washington: Up 3.2 %


7. Chicago: Up 6.9 %


8. Seattle: Down 5.1 %


9. San Diego: Up 1.0 %


10. Dallas-Fort Worth: Down 0.3 %


11. San Jose, Calif.: Down 5.2 %


12. Phoenix: Down 2.1 %


13. Philadelphia: Up 6.8 %


14. Riverside, Calif.: Down 3.1 %


15. Houston: Up 3.5 %


16. Atlanta: Up 3.7 %


17. Denver: Down 6.0 %


18. Tampa: Up 3.7 %


19. Sacramento, Calif.: Down 5.4 %


20. Portland, Ore.: Down 4.0%

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