The state is responsible for almost $4tr of growth since 2012
The US housing market has gained $10.9 trillion since the 2012 low point with California contributing $3.7 trillion.
An analysis by Zillow shows that the national market is now worth $4 trillion more than it was at the bubble peak and reveals that California is the only state to post a gain of more than $1 trillion since the market fell.
In 2018, the national housing market gained $1.9 trillion in value, or 6.2% over the past year with the New York/Northern New Jersey area the single most valuable metro at $3 trillion (9.1% of the national housing market).
Las Vegas, San Jose and Atlanta gained the most value in 2018 among the 35 largest metros, with each market seeing double-digit growth. Chicago's housing value saw only minimal gains, up 1.6%, or $12.5 billion.
However, not all is well. Despite 10 states have yet to recover the losses of the recession including Florida which, despite contributing the second largest dollar contribution to the national housing recovery ($937.9 billion, or 8.6% of the overall recovery), is still $263.9 billion below its peak level for the total value of all the state’s homes.
"Seen from the rearview mirror, 2018 was a year of unusually strong, stable home value growth across the country," said Zillow Senior Economist Aaron Terrazas. "But cracks in the foundation are clearly starting to emerge.”
Terrazas explained that during the second half of 2018, appreciation slowed sharply in the priciest corners of the country while it picked up in affordable hotspots.
“Periods of stability often precede periods of instability, and the outlook for 2019 is certainly both cloudier and blurrier than the outlook a year ago,” he warned. “Housing wealth may have touched new highs this year, but home value gains don't translate into dollars in the bank account unless homeowners opt to sell or borrow against their home.
The difference in the current market compared to previous housing booms, Terrazas notes is that many Americans have been more reluctant to spend against their home's worth.
“Moving toward an uncertain future, that may prove to be a prescient choice," he concluded.
|
State |
2018 Cumulative |
Value Gained |
Share of Recovery |
|
United States |
$33.3 trillion |
$10.9 trillion |
n/a |
|
Alabama |
$295.8 billion |
$57.4 billion |
0.5% |
|
Alaska |
$81.2 billion |
$10.4 billion |
0.1% |
|
Arizona |
$708.1 billion |
$296.3 billion |
2.7% |
|
Arkansas |
$145 billion |
$26.1 billion |
0.2% |
|
California |
$7.9 trillion |
$3.7 trillion |
33.4% |
|
Colorado |
$833.8 billion |
$343.3 billion |
3.1% |
|
Connecticut |
$443.3 billion |
$31.4 billion |
0.3% |
|
Delaware |
$97.9 billion |
$20.3 billion |
0.2% |
|
District of |
$131.8 billion |
$40.1 billion |
0.4% |
|
Florida |
$2.4 trillion |
$937.9 billion |
8.6% |
|
Georgia |
$717.4 billion |
$275.6 billion |
2.5% |
|
Hawaii |
$348.3 billion |
$109.5 billion |
1.0% |
|
Idaho |
$151.7 billion |
$66 billion |
0.6% |
|
Illinois |
$952.2 billion |
$183.6 billion |
1.7% |
|
Indiana |
$387.7 billion |
$87.9 billion |
0.8% |
|
Iowa |
$191.4 billion |
$49.3 billion |
0.5% |
|
Kansas |
$180.8 billion |
$29.6 billion |
0.3% |
|
Kentucky |
$244.3 billion |
$59.1 billion |
0.5% |
|
Louisiana |
$263.8 billion |
$55.9 billion |
0.5% |
|
Maine |
$167.4 billion |
$44.7 billion |
0.4% |
|
Maryland |
$675.8 billion |
$124 billion |
1.1% |
|
Massachusetts |
$1.1 trillion |
$320.5 billion |
2.9% |
|
Michigan |
$738.2 billion |
$292.9 billion |
2.7% |
|
Minnesota |
$510.8 billion |
$159.9 billion |
1.5% |
|
Mississippi |
$147 billion |
$14.6 billion |
0.1% |
|
Missouri |
$421.6 billion |
$97.6 billion |
0.9% |
|
Montana |
$98.5 billion |
$21.2 billion |
0.2% |
|
Nebraska |
$120.2 billion |
$33.6 billion |
0.3% |
|
Nevada |
$322.5 billion |
$174.2 billion |
1.6% |
|
New Hampshire |
$156 billion |
$43.5 billion |
0.4% |
|
New Jersey |
$1.1 trillion |
$182.7 billion |
1.7% |
|
New Mexico |
$139.8 billion |
$19.6 billion |
0.2% |
|
New York |
$2.5 trillion |
$672 billion |
6.1% |
|
North Carolina |
$805 billion |
$204.7 billion |
1.9% |
|
North Dakota |
$54.4 billion |
$17.5 billion |
0.2% |
|
Ohio |
$695 billion |
$172.5 billion |
1.6% |
|
Oklahoma |
$200 billion |
$41.2 billion |
0.4% |
|
Oregon |
$451.8 billion |
$182.9 billion |
1.7% |
|
Pennsylvania |
$942.8 billion |
$160.4 billion |
1.5% |
|
Rhode Island |
$111.6 billion |
$27.6 billion |
0.3% |
|
South Carolina |
$332.5 billion |
$86.5 billion |
0.8% |
|
South Dakota |
$56.3 billion |
$14.7 billion |
0.1% |
|
Tennessee |
$469.1 billion |
$144.4 billion |
1.3% |
|
Texas |
$1.7 trillion |
$495.2 billion |
4.5% |
|
Utah |
$339.2 billion |
$140.4 billion |
1.3% |
|
Vermont |
$60 billion |
$6.1 billion |
0.1% |
|
Virginia |
$912.5 billion |
$158.6 billion |
1.5% |
|
Washington |
$1 trillion |
$471.2 billion |
4.3% |
|
West Virginia |
$83.9 billion |
$18 billion |
0.2% |
|
Wisconsin |
$465.5 billion |
$117.6 billion |
1.1% |
|
Wyoming |
$52 billion |
$10.3 billion |
0.1% |
