US Residential Real Estate Market Size & Share Analysis - Growth Trends & Forecasts (2023–2028)

 


US Residential Real Estate Market Analysis:

The Residential Real Estate Market in the United States is projected to have a value of USD 2.53 trillion in 2023, with an expected increase to USD 2.80 trillion by 2028, exhibiting a compound annual growth rate (CAGR) of 2.04% during the forecast period (2023–2028).

Moreover, the impact of the COVID-19 pandemic on the market was substantial. However, the residential real estate sector in the country is currently in a phase of recovery, as sales quickly rebounded to pre-pandemic levels.

Since the onset of the COVID-19 pandemic, the property market in the United States has experienced significant growth. Many buyers took advantage of the low interest rates to refinance their mortgages, relocate, or fulfill the American Dream of owning their first home. As a result, the number of home sales saw a sharp increase in the second half of 2020 and has remained higher than pre-pandemic levels. Prior to the pandemic, home prices were already on the rise, but with the heightened demand in 2020, the Freddie Mac House Price Index recorded a remarkable 11.3% increase.

At the beginning of 2021, approximately 60% of properties were sold above their listed prices due to the intense competition among homebuyers seeking more living space. Although the market has started to stabilize, the limited availability of inventory and rising construction costs are expected to continue driving up home prices.

The prices of single-family homes have surged by over 20% in several states across the United States. As of the end of 2021, states such as Arizona, Utah, Idaho, Florida, and Tennessee have experienced the highest rates of property appreciation.

Furthermore, the average value of a single-family home in states like California, Washington, and Massachusetts significantly exceeds the average sales price of both new and existing homes.

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