ATLANTA — A new study of the overall value of the United States housing market said it was worth close to $50 trillion nationally.
However, just eight cities, including Atlanta, are each at least worth $1 trillion on their own.
Real estate company Redfin said that Atlanta, New York City, Los Angeles, Boston and Anaheim make up the top five highest home value cities in the country.
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Each one has at least a $1 trillion value. Atlanta placed third on the overall list, with a nearly $1.3 trillion market, beaten out only by New York and Los Angeles.
Year-over-year, Redfin said Atlanta gained more than $62 billion in its home values.
“The number of metros where the total value of homes topped $1 trillion grew to eight—doubling from four a year ago—with Anaheim, Cali., Chicago, Phoenix and Washington, DC, joining New York, Los Angeles, Atlanta and Boston in the trillion-dollar club,” Redfin said.
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In the past 12 months, the national housing market gained $3.1 trillion in value, reaching $49.6 trillion overall, which Redfin said was a record.
As home values collectively rise, Redfin said there still aren’t enough homes being put up for sale to push prices down.
However, it’s not all bad news in the real estate market when it comes to costs of buying a home.
“Mortgage rates have started falling, but many potential sellers and buyers are waiting to make a move, meaning we are likely to continue seeing a pattern where prices slowly tick up,” Redfin Economics Research Lead Chen Zhao said. “That’s great news for the millions of American homeowners who see their equity rising, but first-time buyers are going to keep finding it tough to find an affordable home.”
Thursday’s update on the national mortgage rate for a 30-year fixed-rate mortgage showed the lowest level since May 2023, when the rate was 6.39%.
The latest rate reported by federally-backed mortgage company Freddie Mac was 6.47%.
“The decline in mortgage rates does increase prospective homebuyers’ purchasing power and should begin to pique their interest in making a move. Additionally, this drop in rates is already providing some existing homeowners the opportunity to refinance, with the refinance share of market mortgage applications reaching nearly 42 percent, the highest since March 2022,” Sam Khater, Freddie Mac’s Chief Economist said in a statement.
Here’s the list of the eight cities with housing markets worth $1 trillion or more:
- New York, N.Y. – $2.48 trillion
- Los Angeles, Cali. – $2.19 trillion
- Atlanta, Ga. – $1.29 trillion
- Boston, Mass. – $1.27 trillion
- Anaheim, Cali. – $1.12 trillion
- Chicago, Ill. – $1.08 trillion
- Washington (District of Columbia) – $1.05 trillion
- Phoenix, Ariz. – $1 trillion
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