ST. LOUIS – The housing market in the St. Louis metro area gained $35 billion last year, adding to the almost $7 trillion gained nationally according to a new Zillow analysis.
Homes in St. Louis are worth $267 billion, an increase of $110 billion from more than a decade ago. Those numbers make St. Louis the 30th most valuable out of the top 50 largest U.S. metro areas.
The housing market in all of Missouri is worth $539 billion. Nearly half of the worth is in the St. Louis area.
Zillow’s data found strong demand and limited supply in 2021 drove home values up more than ever before according to its records dating back 20 years. The data also shows home values grew 19.6% nationwide last year.
Zillow also says the rise means homes nationwide are worth twice as much as they were a decade ago. Zillow economists also expect another strong year in 2022.
“This year is likely to be less competitive for buyers, but it will continue to be a sellers market,” said Zillow senior economist Jeff Tucker.
Nationwide, Los Angeles gained more home value than any other metro in 2021 however the New York metro area remains the nation’s largest housing market, worth $3.5 trillion according to Zillow.
Here is a look at the value of the top 5 largest housing markets:
- New York ($3.5 trillion)
- Los Angeles ($3.3 trillion)
- San Francisco ($2 trillion)
- Boston ($1.1 trillion)
- Washington, D.C. ($1.1 trillion)
Zillow points out that the number of homes in a metro area has the biggest influence on how much the value of the total housing stock increases. However, in 2021 there were a few markets that outperformed their size.
Zillow data shows Phoenix gained $171 billion in housing value last year, more than the entire state of Pennsylvania. Also, Austin’s housing market gained more than nearby Houston’s despite having less than a third of the number of homes.