- The US housing market grew 5.2% in 2024, the slowest pace since 2019, bringing total home value to $49.7T.
- Northeast markets saw the biggest value gains, led by Albany and Rochester, NY.
- Florida metros, including Cape Coral and North Port, posted declines in total home value.
- Millennials’ share of the market surged, with their total home value rising 18.8% YoY.
- Rural home values outpaced urban and suburban growth for the seventh straight year.
Despite gaining $2.5T in 2024, the US home market saw its slowest growth since 2019, rising just 5.2% YoY, per GlobeSt.
The Bigger Picture
Redfin data shows the total value of US homes hit $49.7T, more than double the $23T recorded in 2014. The market peaked at $50.4T in July before seasonal trends led to a decline in late 2024.
New construction helped push values higher, but increased inventory in many areas led to buyer’s markets, according to Redfin economics lead Chen Zhao. “That’s good news, but it doesn’t mean homes are getting cheaper—prices continue to tick up each month.”
Regional Winners & Losers
The Northeast led all regions in home value growth, with Albany and Rochester, NY, seeing the biggest gains. In Newark, NJ, property values jumped 11.1% to $410.8B, while Buffalo rose 11% to $107.8B. Hartford, CT, also saw strong growth, with home values climbing 10.6% to $140B.
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Meanwhile, three tropical metros posted declining home values—Cape Coral, FL (-2.9%), North Port, FL (-1.1%), and Honolulu, HI (-0.4%).
Other slow-growth markets included West Palm Beach (+0.3%) and Tampa (+0.8%), as Florida continues to face challenges from a construction boom, rising insurance costs, and hurricane risks.
Millennial Market Share
Millennials now own over 20% of the US home market, with their total home value jumping 18.8% to $9.7T in Q3. That’s nearly four times the growth rate of baby boomers, whose home values rose 5.2% to $19.8T.
Meanwhile, Gen X home values increased 4.6% to $14.1T, while Silent Generation homeowners saw a 3.7% decline to $4.6T.
Additionally, rural home values continued to outperform urban and suburban properties for the seventh consecutive year.
Looking Ahead
Despite slower growth, Redfin expects home prices to keep going up in 2025 as buyer demand stays strong relative to supply. Higher inventory levels may provide relief in some areas, but affordability challenges and economic uncertainty could keep appreciation in check.
The Northeast is poised for continued gains, while Florida markets may remain sluggish amid insurance and supply concerns.
