These 8 U.S. metros have housing markets worth at least $1 trillion

The number of metropolitan areas where the value of homes totals $1 trillion (or more) doubled in the past year, as housing prices have soared.

Across the U.S., there are now eight trillion-dollar metropolitan areas, according to Redfin data released Thursday. In the past 12 months, the total value of U.S homes rose $3.1 trillion to reach a record $49.6 trillion — and over the past decade that figure has more than doubled in the past decade, surging nearly 120% from $22.7 trillion in June 2014.

These trends are expected to continue due to constrained housing inventory and a persistently difficult market for homebuyers, said Redfin economics research lead Chen Zhao.

“The value of America’s housing market will likely cross the $50 trillion threshold in the next 12 months as there are not enough homes being listed to push prices down,” Zhao said. “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.”

See which metros have housing markets worth at least $1 trillion (and the two that are worth $2 trillion), including the newest members of the expensive group.

8. Phoenix, Arizona

Phoenix was a newcomer to the trillion-dollar club this year, with an aggregate housing value of $1.00 trillion ($1,001,000,889,736) — up $52.6 billion from a year ago, according to Redfin.

7. Washington, D.C.

Washington, D.C. was another new addition to the list of trillion-dollar metros. Its aggregate home value jumped $67 billion year-over-year to hit $1.05 trillion ($1,053,880,089,173).

6. Chicago, Illinois

The total housing market in the Chicago metro area reached $1.08 trillion ($1,078,649,184,844) thanks to an $84.9 billion yearly rise in home values, giving it a spot on the trillion-dollar metro list.

5. Anaheim, California

And the splashiest of this year’s newcomers was Anaheim, where total home values soared $121 billion from last year to $1.12 trillion ($1,118,903,198,701).

4. Boston, Massachusetts

With a housing market worth $1.28 trillion ($1,275,370,527,296), Boston has remained in the trillion-dollar club thanks to an $85 billion year-over-year surge in total home values.

3. Atlanta, Georgia

Atlanta has the third most expensive housing market of all the U.S. metros, with $1.29 trillion ($1,287,842,232,673) in total home value. That’s up $62 billion from last year.

2. Los Angeles, California

In Los Angeles, home values surged $128 billion from a year ago to hit $2.19 trillion ($2,188,583,730,489) — this makes it part of the $2 trillion club, which has just one other member.

1. New York, New York

The metro area with the priciest housing market in the country is none other than New York City. It saw the largest yearly growth in its housing market of all the metros, rising $190 billion for a total housing market value of $2.48 trillion ($2,479,781,753,057).