The Phoenix market has seen home prices rise during the past four years, and this month it joins an exclusive club: metro U.S. cities with a home market worth more than $1 trillion.

The report, from real estate website Redfin, found eight U.S. metro areas where the combined housing market value was more $1 trillion. Phoenix joins Anaheim, Califonia; Chicago; Washington, D.C.; New York; Los Angeles; and Boston as those markets.

Phoenix just crossed the threshold with a market value of $1.001 trillion. In comparison, New York's housing market is valued at nearly $2.48 trillion, and Los Angeles at $2.19 trillion.

While Phoenix has been one of the fast-growth markets, both in terms of the number of houses being built and price appreciation, for years, the past four years have seen a substantial increase in home values, according to statistics from Redfin.

In January 2020, Phoenix's median home value was in the $275,000 price range. As of July 2024, the Valley's median home value was $451,000, according to Redfin.

The Redfin analysis involved more than 95 million U.S. residential properties as of June 2024. It found overall the value of all U.S. homes has increased $3.1 trillion to reach a record of $49.6 trillion.

Metro areas with the fastest total home value tended to be clustered in New Jersey, Connecticut and California, according to the list of cities in the top 10. Those with slowest total growing value were primarily in Texas and Florida, according to Redfin.

For a complete look at the report, click here.