iStock illustration

Connecticut’s housing market saw a $43 billion gain in valuation year-over-year in July.

The state’s homes are collectively worth $708 billion, according to a new Zillow analysis. Since 2020, the market has grown by $296 billion.

The entire housing market in Massachusetts is worth $1.85 trillion, an increase of $46 billion year-over-year. Since 2020, the housing market in Massachusetts has grown by $652 billion. Between July 2024 and July 2025, the state’s market value grew by $4 billion.

“Even as buyers struggled with rising costs, U.S. housing wealth kept climbing,” Orphe Divounguy, senior economist at Zillow, said in a statement. “New construction opened the door for many first-time homeowners, creating trillions in wealth that didn’t exist five years ago. 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.”

Elsewhere in New England, Zillow singled out the Boston metro area one of nine total markets that are valued over $1 trillion, although it saw a $3 billion drop in valuation over the last year, ending the July 2024 to July 2025 period at $1.32 trillion. Homes in that state’s other markets, combined, were worth $534 billion.

Homes in the United States are now worth a record $55.1 trillion, a $20 trillion increase since 2020. Over the last year, the country’s housing market grew by $862 billion. Out of the nation’s trillion-dollar markets, New York City was the only market to experience significant gains. The other eight trillion-dollar markets lost $18 billion on a year-over-year basis.