Anaheim Real Estate Market: A Trillion Dollar Milestone
The real estate market in Anaheim has recently achieved a significant milestone, with the total value of homes in the area surpassing $1 trillion. This puts Anaheim in the elite group of U.S. metropolitan areas with such high home values. In the past year, home prices in Anaheim have seen a remarkable 12.1% increase, a trend that is in line with the overall U.S. real estate market.
As Anaheim joins the ranks of multi-trillion-dollar real estate markets in the U.S., it follows in the footsteps of cities like Los Angeles, New York, Atlanta, and Boston. The growth in home values has also been seen in other metro areas such as Chicago, Phoenix, Washington D.C., and San Diego, all surpassing the trillion-dollar mark in recent years.
Factors Driving the Growth
The steady rise in home values can be attributed to various factors, including a shortage of available homes for sale and low mortgage rates. According to Redfin, the U.S. housing market could reach a total value of $50 trillion in the next year, as the demand for homes continues to outpace supply. This has led to a pattern of slow but steady price increases across many real estate markets.
Anaheim’s emergence as a multi-trillion-dollar real estate market is a testament to its evolution from a suburban community to a thriving economic center in Southern California. The city boasts major attractions like Disneyland, Angel Stadium, and a large convention center, along with a relatively low unemployment rate of 4%.
Top 10 Metro Areas by Total Home Value
According to Redfin data, the top 10 metro areas by total home value in the U.S. are as follows:
- New York City, New York – $2,479,781,753,057 USD
- Los Angeles, California – $2,188,583,730,489 USD
- Atlanta, Georgia – $1,287,842,232,673 USD
- Boston, Massachusetts – $1,275,370,527,296 USD
- Anaheim, California – $1,118,903,198,701 USD
- Chicago, Illinois – $1,078,649,184,844 USD
- Washington DC – $1,053,880,089,173 USD
- Phoenix, Arizona – $1,001,000,889,736 USD
- San Diego, California – $986,866,999,457 USD
- Seattle, Washington – $970,865,521,164 USD
While most metro areas have seen an increase in total home value, Cape Coral, Florida, was the only region to experience a decrease of 1.6%, falling to $204.2 billion.
