The combined value of Phoenix's residential real estate is about equal to the stock market capitalization of banking giant JPMorgan Chase & Co.
That's one takeaway from LendingTree's new ranking of the most valuable U.S. cities, which compares the country's top 50 metros based on the total value of their residential real estate markets.
Phoenix ranked No. 16 on the list, with a total value of $484 billion, LendingTree reports.
That's about equivalent to the GDP of Iran, the report said.