The U.S. housing market has never been this valuable. Zillow reports that the total value hit $55.1 trillion in June 2025. That is a $20 trillion increase since 2020. Homeowners are sitting on the highest equity ever recorded. Mortgages now look small compared to what these homes are worth.
But can this last? Over the past year, wealth grew just 1.6 percent. That is a sharp slowdown from the pandemic boom. Some markets are still thriving. New York gained $216 billion. Chicago and Philadelphia also grew strongly. Yet Florida, California, and Texas slipped into declines. The story is not the same everywhere.
This raises a big question. Will rising equity continue to fuel confidence? Or are cracks forming in overheated markets? The answer matters for buyers, sellers, and investors who want to know where prices are still climbing.
5 States Where Prices Are Rising the Most
The housing market is not moving in one direction. Some states are still showing strong growth, and the numbers prove it. Data from Reventure highlights the fastest gains, while Zillow shows the overall housing value in each state.
1. Wyoming
Wyoming leads with 5.2 percent growth. The average home value now sits at $370,629. Even with a smaller base, the state’s market is valued at $119 billion. Buyers here are driving steady momentum in a less crowded market.
2. Kentucky
Kentucky follows closely at 5.1 percent growth. The average home costs $224,302. And it makes it one of the most affordable states on the list. Total housing value has reached $446 billion, showing how broad-based gains can add up quickly.
Wyoming and New York hold the largest overall housing market in the US. Access the above graph here. [Link]
3. New York
New York added 4.4 percent in home values, with an average of $509,127. Its housing market towers above others, totaling $4.3 trillion. Gains here reflect demand in both major metros and surrounding regions.
4. New Jersey
New Jersey recorded 4.1 percent growth. The state’s average home value is $569,577, with a total market size of $1.98 trillion. Its proximity to New York City keeps demand resilient.
5. Connecticut
Connecticut rounds out the list with 3.8 percent growth. Average values stand at $437,232, while total housing wealth is $708 billion. The state continues to benefit from buyers seeking suburban stability near urban hubs.
5 States Where Prices Are Dropping the Most
Not every market is moving higher. Some states are already seeing values slide, even as the national housing wealth grows. Zillow’s data helps show how large these markets remain, despite recent losses.
1. Florida
Florida tops the list of declines. Home values dropped 4.7 percent in the past year, with the average now at $382,136. Even with the pullback, the state’s housing market is massive at $3.7 trillion.
2. District of Columbia
The District of Columbia fell 3.8 percent year over year. The average home value is $594,384. Zillow places the total housing value at $143 billion, showing that even small declines matter in high-priced areas.
Florida and the District of Columbia experienced the highest pricing drops. Access the above graph here. [Link]
3. Arizona
Arizona posted a 3.0 percent decline. Homes now average $426,163. With a total housing value of $1.25 trillion, the state still commands a large share of wealth despite cooling prices.
4. Hawaii
Hawaii values slipped 2.4 percent. The average home now costs $831,289, among the highest in the nation. Zillow estimates the state’s total housing market at $470 billion, showing how much is at stake.
5. Texas
Texas dropped 2.3 percent over the year. The average home is worth $304,005, reflecting affordability pressures. Yet with a total market size of $3.32 trillion, Texas remains one of the largest players nationwide.
Local Insight with Reventure App
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