The top 1% richest people in the US have seen their wealth grow to the point that they can now collectively afford to buy 99% of all homes, according to a Redfin (RDFN) report published Tuesday.

The combined net worth of the wealthiest people in the world's largest economy has grown to a record $49.2 trillion at the end of 2024, while the aggregate value of nearly 100 million homes reached $49.7 trillion, the real estate brokerage's report showed.

The top 1% have diversified portfolios but still own a disproportionate 13.4% share of real estate in the US, according to Redfin Economics Research Lead Chen Zhao. The rise in home values over the past decade has helped drive "similarly rapid growth of their net worth," she said.

"It is a striking example of the concentration of wealth in America that the top 1% could hypothetically afford to buy every home in the country -- without going into debt -- while millions of households struggle to buy or hold onto just one," Zhao said.

Roughly 1.3 million households are considered to be a part of the wealthiest 1%, which the Federal Reserve defines as those with a minimum net worth of $11.2 million, Redfin said.

"Asset growth, including real estate, has consistently outpaced wage growth in recent decades, increasing the gap between the top and bottom wealth brackets," according to Zhao.

By comparison, the bottom 50% representing 66.6 million US households have a total net worth of $3.9 trillion.

US home prices were up 0.6% month over month in January and 5.4% year to year, Redfin said last month.