2024 US housing market reaches $49.6 trillion record high, 8 cities surpass $1 trillion in home value, causing affordability challenges for first-time buyers.

49.6 trillion dollar US housing market reaches a record high in 2024, with 8 cities reaching over $1 trillion in home value. The total value of homes increased by $3.1 trillion in the past year, and Redfin economist Chen Zhao predicts a continued rise in value, surpassing $50 trillion within the next year due to insufficient home inventory and rising mortgage rates. Eight cities now have a combined home value of over $1 trillion, including Anaheim, CA, Chicago, Phoenix, and Washington, DC. The housing market surge has left existing homeowners feeling wealthier but poses challenges for first-time buyers seeking affordable homes.