California home values grew by $3 trillion since 2010 - the highest in US, report says

The housing market in California gained more value over the last decade than any other state — and it’s not even close, according to a report from Zillow.

Over the last decade, the state of California added a whopping $3.1 trillion in value to its housing stock, the report says. That’s more than the combined totals of the next four states on the list: Texas, Florida, Washington and New York, the report said.

Nationally, value is up $1.1 trillion from last year to an astonishing $33.6 trillion — roughly the same as the combined GDPs of the U.S. and China, according to the report.

Zillow says that in most markets, this growth is due largely to the appreciation of current homes, not the construction of new homes.

The same rings true for value growth over the last decade.

In the last ten years, about 86% of value growth in the nation can be attributed to the “simple, steady appreciation of existing homes,” the report says.

Last year, California was second only to Texas for added value to the housing market, adding $77 billion, the report says. Rounding out the top five were Florida with a bump of $69 billion, Pennsylvania at $47 billion and Washington state at $45 billion.

While California nabbed the No. 2 spot for added value last year, only Los Angeles represented the state among the top five cities for added value in 2019.

Los Angeles added $29 billion in value, behind Washington, D.C., Phoenix and Seattle, according to the report from Zillow.

Other California cities that helped launch the state to the top last year include Sacramento with an added 15.8 billion, San Francisco with an added $3.4 billion and San Diego with an added $8.5 billion, the report says.

This story was originally published January 27, 2020 at 12:14 PM.