LAS VEGAS (KLAS) — Homes in the Las Vegas valley are selling at record prices. In fact, the median price for an existing home set an all-time record in Dec. 2021 at $425,000, capping off what had been a record sales year with more than 50,000 properties changing hands.

Not only was this trend happening in Las Vegas, but it was also happening around the country. In 2021, U.S. housing gained $6.9 trillion, according to a report by Zillow. It was the biggest increase in a single year. Until now, the largest annual gain had been $3.7 trillion in 2005.

“Even in the context of a year in which several housing records were topped, the scale of the housing market’s growth in 2021 is eye-popping,” said Zillow senior economist Jeff Tucker. “Not only did prices rise faster than ever, but more homes were built than in any year since 2007 as builders raced to meet demand.”

It’s great for longtime homeowners who have seen home values double in the past 10 years but not so great for those trying to buy their first home in a competitive and expensive market.

The report said homes in Las Vegas are worth a total of $298 billion making Las Vegas the 26th most valuable out of the 50 largest U.S. cities.

Although New York is the largest housing market California is the most valuable. The Golden State has one-fifth of the nation’s housing value ($9.2 trillion) which is more than the combined value of the bottom 30 states. Florida, Texas and Colorado gained the most ground compared to the rest of the country in growing their share of the U.S. housing market.

Top 10 States – Total Housing Market Value
StateTotal Housing Market Value (Billions)2021 Housing Market Growth (Billions)Share of National Housing Value
New York$3,182$3437.3%
New Jersey$1,384$1843.2%
Graphic provided by Zillow

According to Zillow, the U.S. housing market has doubled in value since the Great Recession.