Texas added more value to housing market than any other state last year, report says

The housing market in Texas gained more value last year than any other state, according to a report from Zillow.

In 2019, the state of Texas added $89 billion in value to its housing stock , the report says. The next closest state was California with an added $77 billion in value followed by Florida with a bump of $69 billion, Pennsylvania at $47 billion and Washington at $45 billion.

Over the last 10 years, Texas trails only California in residential growth with an $886 billion added in value to its housing market, Zillow says.

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. Austin, however, saw almost half of its growth from new construction.

While Texas nabbed the No. 1 spot for added value, only Dallas-Fort Worth represented Texas among the top five cities for added value in 2019.

DFW added $23 billion in value, behind Washington D.C., Phoenix, Seattle and Los Angeles, Zillow says.

Other Texas cities that helped launch the state to the top spot include Austin with an added $22 billion, Houston with an added $20 billion and San Antonio with an added $9 billion, the report says.

This story was originally published January 27, 2020 at 1:15 PM.