The total value of U.S. homes increased by $2.5 trillion in 2024, reaching $49.7 trillion, marking a 5.2% year-over-year rise, according to Redfin. This was the slowest annual growth since 2019 and the second-slowest since 2011. The market peaked at $50.4 trillion in July before seasonal trends led to a decline, as home values typically rise between March and September and drop during winter months​.

Albany and Rochester recorded the highest increases in home value among major U.S. metros. Albany’s total home value rose 11.3% to $110.7 billion, while Rochester’s increased 11.2% to $124.3 billion. Newark, NJ, followed with an 11.1% rise to $410.8 billion, while Buffalo, NY, and Hartford, CT, saw gains of 11% and 10.6%, respectively​.

Conversely, Cape Coral, FL, experienced the steepest decline, with home values falling 2.9% to $199.5 billion. North Port, FL, and Honolulu also saw declines of 1.1% and 0.4%, respectively. Florida's housing market struggled due to a construction boom that increased supply as affordability concerns slowed demand. Additionally, major hurricanes in October contributed to rising insurance costs and climate-related concerns, further limiting growth​.

Millennials now own more than 20% of the U.S. housing market, with their total home value rising 18.8% year over year to $9.7 trillion in Q3 2024. Baby boomers still hold the largest share at 41.1%, despite their home value rising just 5.2% to $19.8 trillion​.

Rural home values grew 6.4% to $8.1 trillion, outpacing urban and suburban areas for the seventh consecutive year. Urban homes rose 4.9% to $10.6 trillion, while suburban values increased 5.1% to $30.8 trillion​.