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Residential Real Estate Market Size, Share, Trends Analysis, And Forecast To 2033
Residential Real Estate Market Size
According to The Business Research Company's, The residential real estate market size has grown strongly in recent years. It will grow from $9608.7 billion in 2023 to $10111.21 billion in 2024 at a compound annual growth rate (CAGR) of 5.2%. The growth in the historic period can be attributed to economic stability and growth, interest rates and mortgage accessibility, population growth and urbanization, government policies and incentives, demographic trends..
The residential real estate market size is expected to see steady growth in the next few years. It will grow to $12168.78 billion in 2028 at a compound annual growth rate (CAGR) of 4.7%. The growth in the forecast period can be attributed to low-interest rates, shifts in remote work practices, environmental sustainability, changing household structures .. Major trends in the forecast period include affordable housing initiatives, impact of generational preferences, adaptive reuse projects, focus on health and safety features, global market connectivity..
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Market Drivers and Trends:
Rising demand for residential properties is expected to drive the growth of the residential real estate market going forward. A residential structure consists of one or more rooms with the necessary facilities and utilities to meet a person's or family's living needs. The rising demand for residential properties leads to the demand for housing, encourages the construction of high-rise and mixed-use buildings, and opens up opportunities for urban renewal and redevelopment, contributing to the expansion of residential real estate. For instance, in March 2023, according to the United States Census Bureau, a US-based principal agency of the federal statistical system, the number of privately owned housing units approved by building permits in February was 1,524,000 on a seasonally adjusted yearly basis. This is 13.8% more than the January rate, which was corrected to 1,339,000. Therefore, rising demand for residential properties drives the residential real estate market.
The adoption of AI technology is a key trend gaining popularity in the residential real estate market. Companies operating in the residential real estate market are adopting new technologies to sustain their position in the market. For instance, in September 2022, Restb.ai, a Spain-based computer vision provider for real estate, launched MLS Suite for Multiple Listing Services for AI in real estate. The AI-powered tools were created to automate the listing entry process, provide safety for users of IDX and VOW websites, and enrich and boost the value of MLS data. The main solutions offered to MLS are AI tagging, compliance, MLS match, and property descriptions.
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Major Key Players of the Market:
Real Estate Maximums; Sotheby's International Realty; CBRE Group Inc.; Keller Williams Realty Inc.; Colliers International; Christie's International Real Estate; D. R. Hortons Inc.; DLF Ltd.; IJM Corporation Berhad; Lennar Corporation; Pultegroup Inc.; Savills plc; American Tower Corporation; Cushman Wakefield Inc.; Anywhere Real Estate Inc.; Prologis Inc.; Simon Property Group Inc.; Coldwell Banker Real Estate LLC; The Cadillac Fairview Corporation Limited; Century 21 Real Estate LLC; ERA Real Estate; Better Homes and Gardens Real Estate; Redfin Corporation; Zillow Group Inc.; Movoto Real Estate; Compass Inc.; Realogy Holdings Corp; Allen Tate Companies; William Raveis Real Estate; John L. Scott Real Estate; Houlihan Lawrence; Douglas Elliman Real Estate
Residential Real Estate Market 2024 Key Insights:
• The residential real estate market size will grow to $12168.78 billion in 2028 at a compound annual growth rate (CAGR) of 4.7%.
• Residential Real Estate Market Surges As Demand For Housing Drives Construction And Urban Renewal
• AI Technology Revolutionizes Residential Real Estate With Restb.AI's Mls Suite For Automated Listing Entry And Enhanced Data Value
• Asia-Pacific was the largest region in the global residential real estate market size in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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