(Bloomberg) -- Strong demand and limited supply led to a historic jump in the value of the U.S. housing stock, which surged to $43.4 trillion last year.

The aggregate value of homes has now doubled since a decade ago, when the market was recovering from the Great Recession, according Zillow Group Inc. 

Cities that have attracted people during the pandemic saw the biggest percentage gains last year, with Austin and Raleigh, North Carolina, topping the Zillow data. New York City, which many fled in the past two years, had the smallest increase among 50 metro areas, at 10.9%.

“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,” Zillow senior economist Jeff Tucker said in a statement.

While the gains are a boon for million of homeowners, housing wealth remains highly concentrated. California accounts for a fifth of the total -- more than the combined value of the bottom 30 states. And New York City still has the biggest housing stock, at about $3.5 trillion.

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