According to Zillow Research, the U.S. housing market gained more value in 2020 than in any other year since 2005 – $36.2 trillion to be exact. As we’ve experienced in the Treasure Valley, strong demand and low inventory has been one of the main drivers of value growth. The report puts Idaho in a national lead gaining 149% since 2011. Other key points from the report include:
- The full U.S. housing stock gained about $2.5 trillion in value last year, including $2.2 trillion from appreciation of existing homes and $274 billion from new construction.
- That $2.5 trillion gain is more than in any year since 2005 in what was a remarkably strong year for housing, and 2021 is likely to be stronger.
- More than a fifth of the total housing value in the U.S. and almost half of the 10 most valuable metros are in California.
- Over the past decade, the total value of the housing stock has more than doubled in six states. Idaho leads the way, gaining 149% since 2011. Most of that growth comes from the Boise metro, where the total housing stock has more than tripled in value during that time, most of any of the 100 largest U.S. metros.
- The total, combined value of all homes nationwide rose by almost $2.5 trillion in 2020 — the most in a single year since 2005 — to a whopping $36.2 trillion.
- As strong as 2020 was, Zillow expects 2021 to be even stronger, with gains in value that could very well exceed last year’s $2.5 trillion bump.
