2020 was a great year for the housing market, but Zillow expects 2021 to be even stronger maybe even exceeding last year’s $2.5 trillion gain. (Zillow)
- U.S. housing gained nearly $2.5 trillion in value in 2020. This was the biggest single year gain since 2005.
- The full stock of U.S. housing is now worth $36.2 trillion.
On a state level, California still rules the roost. More than a fifth of the nation’s housing value resides in California. Homes in California are worth a cumulative $7.8 trillion. This is more than the next three states combined.
Zillow economist Treh Manhertz said in a statement, Builder confidence, perhaps in reaction to the boosted demand, hit record highs and more homes are being built as a result. Add that together and you see why the housing market gained more than in any year since the Great Recession.”