03:38 PM EST, 02/20/2025 (MT Newswires) -- The US housing market gained about $2.474 trillion in value last year, with prices seen increasing steadily in 2025 amid competition among buyers, Redfin (RDFN) said Thursday.

Home values reached $49.683 trillion in 2024, indicating a 5.2% year-over-year growth, which the real estate brokerage said was the slowest in a calendar year since 2019 and the second-slowest since 2011. US home valuations peaked at $50.4 trillion in July, according to the report.

"There are more homes for sale right now than in recent years and that has led to buyer's markets in many areas of the country," Redfin Economics Research Lead Chen Zhao said. "That's good news, but it doesn't mean homes are getting cheaper -- prices continue to tick up each month."

Home values are expected to rise steadily this year "because there are still enough buyers competing over a relatively small number of listings, compared to before the pandemic," Zhao said.

The total value of the US homes has more than doubled from $23 trillion in 2014, the data showed.

In percentage terms, major metros in the Northeast gained the most value last year, led by Albany and Rochester in upstate New York. Only three metros saw declines in valuations, including two in Florida, where the housing market faced "multiple headwinds," Redfin said.

The brokerage expects the San Diego and Seattle markets to join the trillion-dollar valuation club this year, if home values keep rising at a similar pace.

Rural home values outpaced those in urban areas and the suburbs for the seventh straight year in 2024, according to the report.

On Wednesday, a Redfin report showed that housing-market dynamics are switching in favor buyers for the first time this decade.

Price: 8.70, Change: -0.29, Percent Change: -3.23