Home Values In Chicago Top $1 Trillion As Prices Surge

CHICAGO — Chicago recently joined the trillion-dollar club, after its aggregate home value reached more than $1 trillion, according to Redfin.

Values in Chicago increased by almost $84.94 billion in the past 12 months, for an aggregate of nearly $1.08 trillion, according to the real estate website.

The number of metros worth at least $1 trillion doubled this year, up from four to eight, with Anaheim, Phoenix and Washington joining the club along with Chicago. San Diego and Seattle are expected to cross the threshold within the year, according to Redfin.

Topping the list for aggregate value is New York at roughly $2.48 trillion, Los Angeles at almost $2.19 trillion and Atlanta at about $1.29 trillion.

Chicago is sixth, after Anaheim at nearly $1.12 trillion and before Washington at about $1.05 trillion.

The U.S. housing market grew 6.6 percent year-over-year, according to Redfin, which noted American homes have more than doubled in total value during the past decade, from $22.7 trillion in June 2014 to $49.6 trillion in 2024.

“The value of America’s housing market will likely cross the $50 trillion threshold in the next 12 months as there are not enough homes being listed to push prices down,” Redfin Economics Research Lead Chen Zhao said in a news release.

“Mortgage rates have started falling, but many potential sellers and buyers are waiting to make a move, meaning we are likely to continue seeing a pattern where prices slowly tick up. That’s great news for the millions of American homeowners who see their equity rising, but first-time buyers are going to keep finding it tough to find an affordable home.”