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By Giulia Carbonaro
Senior Reporter
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Home values are still rising across the country, according to new data by Zillow, even as sales dwindle across the country due to the widespread affordability issues faced by buyers.
The real estate platform reported that existing home sales fell 2.7 percent on the year in June, to a seasonally adjusted annual rate of 3.93 million, while new single-family home sales climbed by a modest 0.6 percent in the same month to 627,000.
This fall in sales has contributed to the recent rise in inventory across the country, which is putting downward pressure on prices. Against all odds, however, home prices are still rising—although at a slower rate when compared with recent years.
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In June, the U.S. housing market value reached a record $55.1 trillion, up $20 trillion (or 57 percent) since early 2020, when the pandemic homebuying frenzy started. Over the last year, however, housing wealth grew by a relatively small $862 billion, or 1.6 percent.
Some markets are especially expensive—and valuable for those who are already homeowners there, who have accumulated millions of dollars in equity over the past five years.
What Are The Most Valuable Housing Markets In The U.S.?
Nine metropolitan areas in six states, plus the District of Columbia, have housing markets worth over $1 trillion, according to Zillow.
These include New York, NY ($4.6 trillion); Los Angeles, CA ($3.9 trillion); San Francisco, CA ($1.9 trillion); Boston, MA ($1.3 trillion); Washington, D.C. ($1.3 trillion); Miami, FL ($1.2 trillion); Chicago, IL ($1.2 trillion); Seattle, WA ($1.1 trillion); and San Diego, CA ($1.0 trillion).
This list includes some of the biggest—and most expensive—metros in the country, where thriving job markets able to attract new residents from the surrounding areas and all parts of the country.
Some are cities that, like New York, Los Angeles, and San Francisco, have made a comeback after suffering population issues during the pandemic, when many relocated to cheaper, smaller towns.
But their dominance on the U.S. housing market, according to Zillow, "is slipping as smaller markets are driving more of today's housing wealth gains." With the exception of New York, which gained more housing wealth than any other metro area in the nation, the other cities on the list lost a combined $8 billion over the past year.
Together, they accounted for just 28.1 percent of last year's national housing wealth increase, Zillow found—below their 31.9 percent share of total housing wealth.
What Metros Are Now Gaining The Most Housing Wealth?
The biggest annual gain in home values between June 2024 and June 2025 was recorded in New York, where housing wealth jumped by $260.1 billion. It was followed by Chicago, (+$62 billion), Philadelphia (+$41 billion), Washington, D.C. (+$24 billion), and Detroit (+$22 billion).
However, several large metros in the $1 trillion club experienced declines over the past year. Home values fell the most in San Francisco (-$52 billion), Dallas (-$38 billion), Miami (-$25 billion), San Diego (-$22 billion), Tampa (-$20 billion), Austin (-$20 billion) and Los Angeles (-$15 billion).
That is because smaller metros—likely more affordable and where buyers have more chances to step onto the property ladder—have seen an increase in housing wealth over the past year, according to Zillow.
The 100 largest metros, which make up 72 percent of all housing value nationally, only accounted for about 45 percent of the national increase over the past year, the company's report found.
More than half of the overall growth happened in smaller markets.
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