We combine together physical parameters estimates for a large sample of galaxies drawn from the Sloan Digital Sky Survey Data Release Two (SDSS DR2), spanning wide ranges in galaxy properties, in order to provide a census of the physical parameters of galaxies in the local Universe. Stellar metallicities, masses and ages for this sample have been estimated comparing the strengths of selected absorption features in each observed spectrum to a comprehensive Monte Carlo library of star formation histories, following a Bayesian statistical approach. This allows us also to derive the total amount of metals locked up in stars today, and hence the average stellar metallicity of galaxies in the local Universe, finding a value of 1.03+0.14/-0.15 Z⊙. We also quantify the relative contribution to the total densities of mass and metals in stars from galaxies with different properties.