--- title: As U.S. Home Values Hit $47 Trillion, Here's Where They've Surged the Most description: New analyses found that the total worth of U.S. homes reached an all-time high last month as the average home value climbed to $350,000. authors: - name: Mary Ellen Cagnassola role: Reporter url: https://money.com/author/mary-ellen-cagnassola/ bio: Mary Ellen (M.E.) Cagnassola is a former Money reporter who specialized in U.S. rent and real estate, with a focus on market trends and affordability. education: Rutgers University, BA Journalism at_money_since: 2021 articles: 205 covers: - Housing - Banking - Business - Career Advice - Credit - Credit Cards - Economy and Politics - Education - Identity Theft - Insurance - Investing - Lifestyle - Loans - Mortgages - Personal Finance - Pets - Professional Services - Retirement - Shopping - Taxes former_staff: true editors: - name: Julia Glum role: Managing Editor url: https://money.com/author/julia-glum/ bio: Julia Glum joined Money in 2018 and specializes in covering financial trends that affect everyday Americans' wallets. She also writes Dollar Scholar, a weekly newsletter that teaches young adults how to navigate the messy world of money. education: University of Florida at_money_since: 2018 articles: 453 covers: - Housing - Banking - Business - Career Advice - Credit - Credit Cards - Debt - Economy and Politics - Education - Health and Wellness - Identity Theft - Insurance - Investing - Lifestyle - Loans - Mortgages - Personal Finance - Professional Services - Retirement - Shopping - Taxes - Technology also_seen_in: - Newsweek - International Business Times - CBS News - Good Morning America - WUSA9 - Pix 11 - The New York Times - Mashable - The Washington Post - CNBC - Politico social: - https://x.com/superjulia - https://www.linkedin.com/in/julia-glum published: '2023-08-14T15:08:09.000Z' section: Housing tags: - News - real estate word_count: 433 canonical: https://money.com/home-values-47-trillion-cities/ type: NewsArticle source: structured-blocks --- > **Disclosure:** We research all brands listed and may earn a fee from our partners. Research and financial considerations may influence how brands are displayed. Not all brands are included. [Learn more](https://money.com/page/disclaimer/). ![Photo-illustration of a house-shaped trophy on a stack of cash](https://img.money.com/2023/08/News-Home-Values-Record-High-1.jpg) Although high mortgage rates continue to keep homebuyer demand low, U.S. home values are at an all-time high. A [housing market report](https://www.redfin.com/news/housing-market-value-hits-record-high-2023/) released Friday by real estate brokerage Redfin shows that the total worth of U.S. homes climbed to nearly $47 trillion in June. The typical home is now valued at nearly $350,000, according to another recent [analysis](https://www.zillow.com/research/home-values-keep-climbing-in-spring-shopping-seasons-last-hurrah-july-2023-market-report-32943/) from listing site Zillow. [Market activity](https://money.com/homes-changed-ownership-2023/) is down overall, but even more so on the seller side: Both reports point to lack of supply propping up home values amid a downswing in buyer demand. ## Shopping for a new home? Find out how much you can afford today. ### Mortgage Experts at Rocket Mortgage (NMLS #3030) are available to get you started on your home-buying journey with solid advice and priceless information. To find out more, click on your state today. [View Rates](https://money.com/pr/u1bd42af4e5f?ap_referrer=%2Fhome-values-47-trillion-cities%2F) ## What the data says - The total value of U.S. homes climbed to $46.8 trillion in June, surpassing the previous record of $46.6 trillion from a year prior, according to Redfin. The record-breaking growth has now canceled out the $2.9 trillion decline in value that occurred from June 2022 to February 2023 as a result of rising [mortgage rates](https://money.com/mortgage-rate-makes-homeowners-sell/). - Zillow found that the typical U.S. home price grew to $349,679 from June to July, 1.4% higher than a year ago. - Demand for homes is low right now because homeowners are [locked into](https://money.com/mortgage-bills-rise-20-percent/) their [current mortgage rates](https://money.com/current-mortgage-rates/). Redfin says about 90% of homeowners have a rate under 6% — significantly below the current 6.96% average. - But supply is similarly low because would-be sellers have retreated from the market. The number of homes for sale declined 15% year-over-year in June, which Redfin says is the biggest drop in almost two years. This disconnect between supply and demand is what’s pushing home values higher. “Tons of homeowners scored an incredible deal during the pandemic: a 3% mortgage rate for the remainder of their 30-year loan. Now they’re staying put because moving would mean taking on a rate that’s twice as high,” Redfin economics research lead Chen Zhao said in a news release. “This means buyers who are in the market now are duking it out for a [very small pool of homes](https://money.com/decrease-homes-middle-class-can-afford/), preventing home values from plunging.” ## 10 cities with surging home values Metropolitan areas in the Northeast and Midwest saw the biggest gains in home values. These are the [cities](https://money.com/best-places-to-live/) where home values grew the most, according to Zillow. 1. Hartford, Connecticut (5.7% increase year over year) 2. Richmond, Virginia (5.4%) 3. Philadelphia, Pennsylvania (5.3%) 4. Miami, Florida (5.32%) 5. Milwaukee, Wisconsin (5.2%) 6. Cincinnati, Ohio (5%) 7. Kansas City, Missouri (4.98%) 8. Baltimore, Maryland (4.58%) 9. Columbus, Ohio (4.15%) 10. St. Louis, Missouri (4.10%) ## Buy your new home with more convenience and less hassle ### A Mortgage Expert at Rocket Mortgage (NMLS #3030) can lend you a hand for a smoother process. Your dream home is possible. Click below to make it happen. [View Rates](https://money.com/pr/u918d32af718?ap_referrer=%2Fhome-values-47-trillion-cities%2F) ![](https://s3.consumersadvocate.org/prd/image/image/26681/medium_57f09f10-efb8-487d-a73e-5f7d605144eb.png) Imagine finally owning your dream home — Rocket Mortgage (NMLS #3030) can help! [View Rates](https://money.com/pr/t39f99e0e0ab?ap_referrer=%2Fhome-values-47-trillion-cities%2F) ```json { "@context": "https://schema.org", "@graph": [ { "@type": "BreadcrumbList", "@id": "https://money.com/home-values-47-trillion-cities/#breadcrumb", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://money.com" }, { "@type": "ListItem", "position": 2, "name": "Housing", "item": "https://money.com/housing/" }, { "@type": "ListItem", "position": 3, "name": "Homeowners", "item": "https://money.com/homeowners/" }, { "@type": "ListItem", "position": 4, "name": "As U.S. Home Values Hit $47 Trillion, Here's Where They've Surged the Most" } ] }, { "@type": "WebSite", "@id": "https://money.com/#website", "url": "https://money.com", "name": "Money", "publisher": { "@id": "https://money.com/#organization" } }, { "@type": "WebPage", "@id": "https://money.com/home-values-47-trillion-cities/#webpage", "url": "https://money.com/home-values-47-trillion-cities/", "name": "As U.S. Home Values Hit $47 Trillion, Here's Where They've Surged the Most", "isPartOf": { "@id": "https://money.com/#website" }, "datePublished": "2023-08-14T15:08:09.000Z", "mainEntity": { "@id": "https://money.com/home-values-47-trillion-cities/" }, "inLanguage": "en-US", "breadcrumb": { "@id": "https://money.com/home-values-47-trillion-cities/#breadcrumb" } }, { "@type": "NewsArticle", "headline": "As U.S. Home Values Hit $47 Trillion, Here's Where They've Surged the Most", "articleSection": "Housing", "image": [ { "@type": "ImageObject", "url": "https://img.money.com/2023/08/News-Home-Values-Record-High-1.jpg", "width": 2880, "height": 1920, "caption": "News-Home-Values-Record-High" } ], "author": [ { "@type": "Person", "name": "Mary Ellen Cagnassola", "url": "https://money.com/author/mary-ellen-cagnassola/", "@id": "https://money.com/author/mary-ellen-cagnassola/#author", "description": "Mary Ellen (M.E.) 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