Boston is one of just nine U.S metros with housing markets worth over $1 trillion, according to new research from Zillow.
The worth of the U.S. housing market worth banger $55.1 Trillion in June, Zillow found, and nine metros hold nearly one-third of the nation’s housing wealth.
New York ($4.6 trillion), Los Angeles ($3.9 trillion), San Francisco ($1.9 trillion), Boston ($1.3 trillion), Washington, D.C. ($1.3 trillion), Miami ($1.2 trillion), Chicago ($1.2 trillion), Seattle ($1.1 trillion) and San Diego ($1.0 trillion) all have housing markets worth over $1 trillion.
However, in a post-pandemic climate, Zillow researchers predict smaller markets will drive future growth.
“[S]maller markets are driving more of today’s housing wealth gains,” researchers said. “Excluding New York, which gained the most of any metro area by far at $260 billion, the rest of the $1 trillion metros combined to lose $18 billion over the past year. Even with New York’s gain, these nine metros delivered just 28.1% of last year’s national increase — below their 31.9% share of total housing wealth.”
Since February 2020, Boston’s housing market has grown by $411 billion. Over the past year, however, the metro has lost $3 billion in housing wealth.
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