At the end of this year, homes in the United States will be worth $27.5 trillion, according a Zillow, a real estate website.
While that number sinks in—or doesn't—consider that the cumulative value of St. Louis-area homes in 2014 is $171 billion, up $3.7 billion from 2013, Zillow says. Overall U.S. home value rose 6.7 percent this year, compared with a relatively puny 2.2 percent rise in St. Louis. It's the third-smallest increase among the 35 largest metros, behind only Phoenix and Indianapolis, according to Zillow.
Zillow pegs St. Louis as the nation's 18th-largest metro, between No. 17 San Diego and No. 19 Tampa.
While San Diego is only one spot ahead of St. Louis in size, its cumulative home value is $538 billion. How can the San Diego value be more than triple the St. Louis value? Well, houses cost a lot more in San Diego.
According to the the Zillow Home Value Index for November, the figure was $465,000 for San Diego and $129,800 for St. Louis. For the nation, the November figure was $177,600.
The 6 percent cumulative increase in home values this year is slightly smaller than 2013’s 8 percent rise, Zillow said. Even smaller gains may be expected next year as more homes go on the market.
Regardless, Stan Humphries, Zillow's chief economist, says in a statement that as the job market improves and more households are formed, more people will search for housing and buy household goods.
Zillow's latest report shows that among major markets, home values were up the most year-over-year in Miami (13.6%), Atlanta (12.8%), Houston (11.9%), Orlando (11.9%), and Las Vegas (11.5%).