Despite gaining $2.5 trillion in value last year, the U.S. home market recorded its slowest annual growth since 2019 at 5.2% in 2024 and the second-slowest growth since 2011. The combined homes market was valued at $49.7 trillion to end the year, more than double the $23 million combined value set in 2014, according to Redfin research.
The combined value of homes across the country peaked at $50.4 trillion in July, but dropped toward the end of the year due to seasonal sales trends that typically see overall home values rise during the spring and summer months and fall during autumn and winter months. New construction also helps underpin the overall increase in market valuation, Redfin noted.
“There are more homes for sale right now than in recent years and that has led to buyer’s markets in many areas of the country,” said Refin economics research lead Chen Zhao. “That’s good news, but it doesn’t mean homes are getting cheaper – prices continue to tick up each month.”
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