North Texas homeowners are closing out the year more than $50 billion richer.
That's how much Zillow estimates residential values in the Dallas-Fort Worth area increased in 2017.
The digital real estate marketing firm took a calculator to housing values in major cities across the country. Zillow estimates that nationwide home values gained $2 trillion in 2017.
U.S. homes are now worth almost $32 trillion by the latest measure, an increase of 6.5 percent from 2016 totals.
"This was a record year for home values as the national housing stock reached record heights in 2017," Zillow senior economist Aaron Terrazas said in the report. "Strong demand from buyers and the ongoing inventory shortage keep pushing values higher, especially in some of the nation's booming coastal markets.
"Despite recent changes to federal tax laws that have historically made homeownership financially attractive, the long-term dynamics pushing up home values and rents are unlikely to change significantly in 2018."
D-FW had one of the largest percentage home value gains in the country, according to Zillow. Only Columbus, Ohio, and San Jose, Calif., had greater increases this year.
Zillow estimates that D-FW homes are now valued at almost $518 billion. That includes new construction.
Los Angeles and New York have the largest housing bases, valued at $2.7 trillion and $2.6 trillion, respectively.
D-FW has the greatest Texas home value, with Houston estimated at $393.4 billion, Austin at $174.7 billion and San Antonio at $125.4 billion, Zillow says.
- Steve Brown, Real Estate Editor - Dallas Morning News