8 US Cities Where Home Prices Have Skyrocketed and the Housing Markets Exceed $1 Trillion

You’ve likely noticed that home prices have increased in recent years. Rising interest rates, inflation and fewer homes being on the market contribute to escalating prices. However, a few markets aren’t seeing a mere increase in home prices — they’re seeing skyrocketing growth.

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A recent Redfin survey found that eight metro areas now have trillion-dollar housing markets, up from four metro areas last year. Two other metros sit just below the trillion-dollar mark.

Rising home prices are a double-edged sword: Older homeowners are seeing an increase in their equity — a potential boost to their retirement funds — while first-time buyers find it impossible to find anything affordable. That leaves more people staying in lower-rate mortgages while younger would-be buyers are renting and hoping for mortgage rates to eventually fall.

Here’s the market value for each of the top eight metropolitan areas, the year-over-year change in their market value growth and the average amount it costs to buy a home .

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New York

• Total market value: $2,479,781,753,057
• Year-over-year change in market value: 8.30%
• Average home sale price: $850,000

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Los Angeles

• Total market value: $2,188,583,730,489
• Year-over-year change in market value: 6.20%
• Average home sale price: $1,098,000

Atlanta

• Total market value: $1,287,842,232,673
• Year-over-year change in market value: 5.10%
• Average home sale price: $434,460

Boston

• Total market value: $1,275,370,527,296
• Year-over-year change in market value: 7.10%
• Average home sale price: $830,000

Anaheim, California

• Total market value: $1,118,903,198,701
• Year-over-year change in market value: 12.10%
• Average home sale price: $900,000

Chicago

• Total market value: $1,078,649,184,844
• Year-over-year change in market value: 8.50%
• Average home sale price: $385,000

Washington, DC

• Total market value: $1,053,880,089,173
• Year-over-year change in market value: 6.80%
• Average home sale price: $706,050

Phoenix

• Total market value: $1,001,000,889,736
• Year-over-year change in market value: 5.50%
• Average home sale price: $451,000

Honorable Mentions in Home Market Value

These two additional metropolitan areas are quite close to having an aggregate market value above the $1 trillion mark, according to Redfin’s data.

San Diego

• Total market value: $986,866,999,457
• Year-over-year change in market value: 9.70%
• Average home sale price: $1,020,000

Seattle

• Total market value: $970,865,521,164
• Year-over-year change in market value: 8.40%
• Average home sale price: $855,000

Cities Aren’t the Only Places With Booming Home Values

Metropolitan areas have long been associated with high home values. However, suburban and rural areas are also seeing significant housing price increases. In fact, rural home price growth has exceeded that of urban and suburban areas, with average home values growing by 7% year over year, compared to 6% for urban cities and 6.8% for suburban areas.

Where Is Housing Price Growth Slowing?

While housing prices are rising pretty much everywhere, there are a few places where the growth isn’t quite as pronounced as in other metropolitan areas. In some Sunbelt states, year-over-year changes in home values are below the national average. Here’s a look at the states with the slowest home value growth.

Cape Coral, Florida

• Total market value: $204,220,656,414
• Year-over-year change in market value: -1.6%
• Average home sale price: $385,000

New Orleans

• Total market value: $128,237,217,375
• Year-over-year change in market value: 0.8%
• Average home sale price: $371,500

Austin, Texas

• Total market value: $392,835,749,871
• Year-over-year change in market value: 1.9%
• Average home sale price: $562,750

North Port, Florida

• Total market value: $251,827,798,447
• Year-over-year change in market value: 2.1%
• Average home sale price: $370,000

Fort Worth, Texas

• Total market value: $293,710,469,823
• Year-over-year change in market value: 2.3%
• Average home sale price: $345,872

El Paso, Texas

• Total market value: $59,466,456,390
• Year-over-year change in market value: 2.4%
• Average home sale price: $250,000

Honolulu

• Total market value: $285,003,640,899
• Year-over-year change in market value: 2.5%
• Average home sale price: $596,500

McAllen, Texas

• Total market value: $45,967,888,123
• Year-over-year change in market value: 2.5%
• Average home sale price: $289,900

Houston

• Total market value: $792,213,853,791
• Year-over-year change in market value: 2.7%
• Average home sale price: $349,000

San Antonio

• Total market value: $295,555,458,757
• Year-over-year change in market value: 2.8%
• Average home sale price: $270,000

This article originally appeared on GOBankingRates.com : 8 US Cities Where Home Prices Have Skyrocketed and the Housing Markets Exceed $1 Trillion