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Ranked: The Most Valuable Housing Markets in America

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See this visualization first on the Voronoi app.

This map shows the most valuable residential real estate markets in America.

The Most Valuable Housing Markets in America

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

The residential real estate market in the U.S. stands as one of the largest asset classes in the country, worth $47.5 trillion in 2023.

Despite a slowdown in home sales, the total value of homes increased $2.4 trillion last year as low inventory levels pushed up prices. Affordable metropolitan areas saw steady price growth, while expensive metros experienced slower price appreciation.

This graphic shows America’s most valuable housing markets, using data from Redfin.

Top U.S. Residential Real Estate Markets

To calculate the largest U.S. housing markets, Redfin analyzed 90 million properties covering single-family homes, townhouses, condos, and two-to four-unit multifamily properties.

Below, we show the most valuable residential markets as of December 2023:

RankU.S. Metro Total Value of HomesTotal Value of Homes
YoY Change
1New York, NY$2.4T-1.0%
2Los Angeles, CA$2.1T+4.3%
3Atlanta, GA$1.2T+6.2%
4Boston, MA$1.2T+8.3%
5Anaheim, CA$1.1T+8.0%
6Washington, DC$1.0T+6.2%
7Chicago, IL$991B+7.4%
8San Diego, CA$988B+9.4%
9Phoenix, AZ$987B+4.2%
10Seattle, WA$911B+4.6%

With a housing market worth $2.4 trillion, New York, NY tops the list.

Unlike the majority of large U.S. cities, the aggregate value of homes declined as buyers became increasingly priced out of the market. At the same time, homeowners hesitated to sell in order to lock in low mortgage rates. In fact, more than 80% of mortgage holders in New York City have interest rates that are 5% or lower.

Los Angeles, CA falls in second, with a residential real estate market worth $2.0 trillion. Last year, existing home sales tumbled 24.8%, falling to the lowest point since 2007. However, the housing shortage led prices to increase amid high demand. The median sale price climbed to $975,000 in February 2024, a 5.9% jump compared to the same time last year.

Atlanta, GA ranks third and is the most overpriced housing market in the country according to one countrywide analysis. Homes have been selling for 41.7% more than their worth as of the February 2024 data update.

People are flocking to the city for many reasons. General housing affordability is a major driver, along with its thriving tech center. Along with this, state tax credits have increasingly made it a hub for the TV and film industries, earning it the moniker “Y’allywood”. Another factor in Atlanta’s inflating housing market are large investment firms, which own a huge footprint of homes in the city.

Editor’s note: For those wondering about the Bay Area, the data groups cities like San Francisco ($657 billion), San Jose ($821 billion), and Oakland ($881 billion) as individual entities, which puts them outside the cutoff. See the Redfin data for the full list of cities.

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Maps

Mapped: The 10 U.S. States With the Lowest Real GDP Growth

In this graphic, we show where real GDP lagged the most across America in 2023 as high interest rates weighed on state economies.

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The Top 10 U.S. States, by Lowest Real GDP Growth

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

While the U.S. economy defied expectations in 2023, posting 2.5% in real GDP growth, several states lagged behind.

Last year, oil-producing states led the pack in terms of real GDP growth across America, while the lowest growth was seen in states that were more sensitive to the impact of high interest rates, particularly due to slowdowns in the manufacturing and finance sectors.

This graphic shows the 10 states with the least robust real GDP growth in 2023, based on data from the Bureau of Economic Analysis.

Weakest State Economies in 2023

Below, we show the states with the slowest economic activity in inflation-adjusted terms, using chained 2017 dollars:

RankStateReal GDP Growth 2023 YoYReal GDP 2023
1Delaware-1.2%$74B
2Wisconsin+0.2%$337B
3New York+0.7%$1.8T
4Missississippi+0.7%$115B
5Georgia+0.8%$661B
6Minnesota+1.2%$384B
7New Hampshire+1.2%$91B
8Ohio+1.2%$698B
9Iowa+1.3%$200B
10Illinois+1.3%$876B
U.S.+2.5%$22.4T

Delaware witnessed the slowest growth in the country, with real GDP growth of -1.2% over the year as a sluggish finance and insurance sector dampened the state’s economy.

Like Delaware, the Midwestern state of Wisconsin also experienced declines across the finance and insurance sector, in addition to steep drops in the agriculture and manufacturing industries.

America’s third-biggest economy, New York, grew just 0.7% in 2023, falling far below the U.S. average. High interest rates took a toll on key sectors, with notable slowdowns in the construction and manufacturing sectors. In addition, falling home prices and a weaker job market contributed to slower economic growth.

Meanwhile, Georgia experienced the fifth-lowest real GDP growth rate. In March 2024, Rivian paused plans to build a $5 billion EV factory in Georgia, which was set to be one of the biggest economic development initiatives in the state in history.

These delays are likely to exacerbate setbacks for the state, however, both Kia and Hyundai have made significant investments in the EV industry, which could help boost Georgia’s manufacturing sector looking ahead.

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