US Housing Market Gained $2.5 Trillion in Value in 2024

On Thursday, Redfin reported the combined value of US homes gained $2.5 trillion in 2024 to reach $49.7 trillion. In percentage terms, the total value of the housing market grew 5.2% year-over-year.

However, Redfin notes that this was the slowest growth in a calendar year since 2019 and the second slowest since 2011. Nevertheless, the total value of US homes has more than doubled over the past decade, from $23 trillion in 2014.

The combined value of US homes peaked at $50.4 trillion in July. The drop to $49.7 trillion is reflective of seasonal sales trends, with overall home values rising during the peak buying seasons between March and September and falling during the winter months when fewer properties are sold, Redfin said. New construction also helps underpin the overall increase in market valuation.

Commenting on the report, Redfin Economic Research Lead Chen Zhao said:

“There are more homes for sale right now than in recent years and that has led to buyer’s markets in many areas of the country. That’s good news, but it doesn’t mean homes are getting cheaper—prices continue to tick up each month. We expect prices—and therefore home values—to keep rising steadily this year because there are still enough buyers competing over a relatively small number of listings, compared to before the pandemic.”