San Francisco lost $52 billion in total home value since June 2024.
In Dallas, the loss was $37 billion. Miami? $25 billion.
Real estate markets across the country — some of which became pandemic-era darlings among wanderlust buyers — began shedding value after four years of relentless home price growth, according to new data released on Monday by Zillow.
In total, the 10 markets that lost the most value between June 2024 and June 2025 saw $233 billion in total real estate value wiped away.
But that coolness hasn’t been felt everywhere.
The top 10 metro areas saw more than $484 billion in total home price growth during that same timeframe, as the post-pandemic housing market continued to settle into a new normal. In total, home value growth exceeded losses, and the U.S. saw total home value climb to a new record $55.1 trillion.
“Even as buyers struggled with rising costs, U.S. housing wealth kept climbing,” said Orphe Divounguy, senior economist at Zillow. “New construction opened the door for many first-time homeowners, creating trillions in wealth that didn’t exist five years ago.”
New York City saw the largest growth in home values over the past year, according to the Zillow data. The metro area saw home values grow by over $260 billion.
Other markets in the Midwest and Northeast followed suit, the latest indicators that those markets remain among the hottest in the nation today.
“Home value gains are a windfall for longtime homeowners, but they also highlight how housing deficits that sent prices soaring left behind many aspiring first-time buyers. The bottom line is that we need more homes to solve our chronic affordability crisis,” Divounguy said.
The contrast between the biggest gains and losses served to highlight ongoing shifts happening in real estate markets across the U.S.
Among the top 10 biggest losers in home values, four were in Florida, and seven of the top 10 were in the South. The rest of the top 10 were all in California, with San Francisco, San Diego and Los Angeles posting the biggest year-over-year losses in value.
Nine out of the top 10 largest value gainers were in the Midwest and Northeast, with the one exception being Seattle.
California still represents nearly 20 percent of the total value of homes in the U.S., according to the Zillow data, despite the state losing $106 billion in value over the past year.
The California market is valued at over $10.8 trillion, up 46 percent from February 2020.
That’s followed by New York, where the market is valued at nearly $4.3 trillion, up nearly 52 percent from the pandemic.
Florida’s market value grew 76 percent from February 2020 through June 2025, to over $3.7 trillion.
