The total value of the U.S. housing market has doubled in the last decade and is now worth $43.4 trillion, according to a Zillow analysis.

Home values grew 19.6% last year, an all-time high in Zillow’s data, which goes back more than 20 years. U.S. housing gained $9.6 trillion in 2021, topping the previous one-year increase of $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-opening,” Zillow senior economist Jeff Tucker said in a press release. “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.”

Not surprisingly, the states with the most housing value tend to be the states with the highest populations, but there are a few outliers.  

Washington, Massachusetts and Colorado are the 13th, 16th and 20th most populous states in the U.S., yet all three rank in the top 10 for total housing value.

California’s housing value grew by $1.4 trillion in 2021 and now accounts for 21.3% of the housing value in the U.S., more than the bottom 30 states combined. 

The top 10 states for housing value:

1. California, $9.23 trillion total housing value.
2. New York, $3.18 trillion.
3. Florida, $2.76 trillion.
4. Texas, $2.66 trillion.
5. Washington, $1.52 trillion.
6. Massachusetts, $1.46 trillion.
7. New Jersey, $1.38 trillion.
8. Pennsylvania, $1.31 trillion.
9. Colorado, $1.2 trillion.
10. Illinois, $1.16 trillion.