United States Real Estate Market Outlook
According to a new report by Expert Market Research titled, “United States Real Estate Market Growth, Size, Share, Analysis, Report and Forecast 2024-2032″, the US real estate market reached a value of USD 3.53 trillion in 2023. Aided by widespread adoption of work from home policies and increasing use of technology in real estate sector, the market is projected to further grow at a CAGR of 3.9% between 2024 and 2032 to reach a value of USD 4.91 trillion by 2032.
The real estate industry in the United States comprises several sectors such as residential, commercial, retail, and industrial. With changing demographics, evolving consumer preferences, and technological advancements, the industry is undergoing significant transformations. The residential sector, especially single-family homes, continues to experience robust demand due to an increasing population and favourable mortgage rates.
Rising incomes and changing lifestyles have bolstered the demand for modern housing with amenities, pushing developers to offer properties that cater to this growing need. Furthermore, the shift towards remote work has fuelled a demand for larger living spaces and homes with dedicated office areas, leading to a surge in home renovations and the purchase of new properties.
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The commercial sector, too, is undergoing a metamorphosis. As e-commerce continues its upward trajectory, the demand for industrial and warehousing spaces has skyrocketed further bolstering the United States real estate market demand. The retail real estate, although initially hit by the e-commerce boom, is reinventing itself with experiential shopping and mixed-use developments, blurring the lines between leisure, work, and shopping.
Moreover, technological advancements, particularly in the proptech sector, are significantly influencing the United States real estate market growth. The use of artificial intelligence, virtual reality, and big data analytics has not only streamlined property search and transaction processes but also brought about more transparency and efficiency in the industry. As a result, buyers and sellers are better informed, making the purchasing process smoother and quicker.
Urbanisation trends, especially in key cities like New York, Los Angeles, and Chicago, have also played a pivotal role as a United States real estate market trend. The influx of people into urban areas in search of better job opportunities and lifestyles has heightened the demand for both residential and commercial spaces. Developers are thus focusing on creating integrated townships and sustainable buildings to cater to this demand.
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Another pivotal aspect influencing the United States real estate market expansion is the growth of the rental economy. With millennials and Gen Z prioritising experiences over ownership and looking for flexibility, the rental market, especially in metropolitan areas, is flourishing. This trend is not limited to just housing but extends to co-working spaces, driving the commercial rental sector.
United States Real Estate Market Segmentation
The market can be divided based on type, property, and region.
Market Breakup by Type
- Sales
- Rental
- Lease
Market Breakup by Property
- Residential
- Commercial
- Industrial
- Land
Market Breakup by Region
- New England
- Mideast
- Great Lakes
- Plains
- Southeast
- Southwest
- Rocky Mountain
- Far West
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the United States real estate market. Some of the major players explored in the report by Expert Market Research are as follows:
- Brookfield Corporation
- Prologis, Inc.
- Simon Property Group, L.P.
- AvalonBay, Inc.
- Equity Residential
- CBRE, Inc.
- Jones Lang LaSalle Incorporated
- Colliers International Group Inc.
- Greystar Worldwide, LLC
- Lincoln Property Company
- Others
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