Boston housing grew 53% percent during the 2010s to $845 billion
The total market value of the Boston area’s housing grew 53.3 percent during the 2010s, to $845 billion, according to a new report from real estate research and listings site Zillow. That’s a $294 billion gain, and means the region accounts for 2.5 percent of the $33.6 trillion national housing market value.
The report was based on analysis of the value of every residential home in the nation, including appreciation over the decade. The sum and the share for the Boston region underscore just how expensive its housing market got during the 2010s, and how expensive it’s likely to get.
A recent report from appraiser Miller Samuel and brokerage Douglas Elliman, for instance, showed that downtown Boston condo prices hit record highs in late 2019; and the region has routinely ranked for years with markets such as New York, San Francisco, San Jose, Washington, and Los Angeles as far as cost, including for barriers such as downpayments.
As valuable and expensive as Boston-area housing became during the decade, though, it’s got nothing on regions such as New York—the total value was $3.179 trillion by 2020, with a decade increase of $656 billion—and Los Angeles, where the total value hit $2.539 trillion after a decade rise of $1.065 trillion.