Graph and download economic data for Gross Domestic Product: Real Estate (531) in the United States (USREALNGSP) from 1997 to 2023 about leases, finance, insurance, rent, real estate, GSP, private industries, private, industry, GDP, and USA.

Graph and download economic data for Value Added by Industry: Finance, Insurance, Real Estate, Rental, and Leasing: Finance and Insurance as a Percentage of GDP (VAPGDPFI) from Q1 2005 to Q3 2024 about value added, financing, leases, finance, insurance, rent, real estate, private industries, percent, private, industry, GDP, and USA.

In 2023, the finance, insurance, real estate, rental, and leasing industry contributed the highest amount of value to the GDP of the U.S. at 20.7 percent. The construction industry contributed around four percent of GDP in the same year.

Graph and download economic data for Real Gross Domestic Product: Real Estate and Rental and Leasing (53) in the United States (USRERENTLEARQGSP) from Q1 2005 to Q3 2024 about leases, finance, insurance, rent, real estate, GSP, private industries, private, real, industry, GDP, and USA.

The statistic shows the gross domestic product (GDP) of the United States from 1987 to 2023, with projections up until 2029. The gross domestic product of the United States in 2023 amounted to around 27.72 trillion U.S. dollars. The United States and the economy The United States’ economy is by far the largest in the world; a status which can be determined by several key factors, one being gross domestic product: A look at the GDP of the main industrialized and emerging countries shows a significant difference between US GDP and the GDP of China, the runner-up in the ranking, as well as the followers Japan, Germany and France. Interestingly, it is assumed that China will have surpassed the States in terms of GDP by 2030, but for now, the United States is among the leading countries in almost all other relevant rankings and statistics, trade and employment for example. See the U.S. GDP growth rate here. Just like in other countries, the American economy suffered a severe setback when the economic crisis occurred in 2008. The American economy entered a recession caused by the collapsing real estate market and increasing unemployment. Despite this, the standard of living is considered quite high; life expectancy in the United States has been continually increasing slightly over the past decade, the unemployment rate in the United States has been steadily recovering and decreasing since the crisis, and the Big Mac Index, which represents the global prices for a Big Mac, a popular indicator for the purchasing power of an economy, shows that the United States’ purchasing power in particular is only slightly lower than that of the euro area.

In 2021, the typical home sale generated over 306,000 U.S. dollars for the local economy in Hawaii. That includes income generated from real estate industries, expenditures related to the home purchase, new home production and the economic effect of the income earned in other sectors re-circulating the local economy. During the same year, a home sale in Arkansas only generated about 63,000 U.S. dollars in income for the economy.

In 2023, the finance, real estate, insurance, rental, and leasing industry added the most value to the GDP of the United States. In that year, this industry added 5.66 trillion U.S. dollars to the national GDP.

Gross Domestic Product

Gross domestic product is a measure of how much a country produces in a certain amount of time. Countries with a high GDP tend to have large economies, for example, the United States. However, GDP does not take into consideration the cost of living and inflation rates, so it is not a good measure of the standard of living. GDP per capita at purchasing power parity is thought to be more reflective of living conditions within a particular country.

U.S. GDP

California added the largest amount of value to the real GDP of the U.S. in 2022. California was followed by Texas and New York. In California, the professional and business services industry was the most valuable to GDP in 2022. In New York, the finance, insurance, real estate, rental, and leasing industry added the most value to the state GDP. While the business sector added the highest value to the U.S. real GDP in 2021, it was the information industry that had the biggest percentage change in value added to the GDP between 2010 and 2021.

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Residential Real Estate Market Size 2024-2028

The residential real estate market size is forecast to increase by USD 482.1 billion at a CAGR of 4.6% between 2023 and 2028.

The market is experiencing significant growth, driven by increasing demand from a growing population and urbanization trends. This demand is further fueled by marketing initiatives from real estate developers and agents, who are leveraging digital platforms and creative campaigns to attract buyers. However, regulatory uncertainty poses a challenge to market growth, with varying regulations and policies in different regions impacting investment decisions. For companies seeking to capitalize on market opportunities, it is essential to stay informed of regulatory changes and adapt strategies accordingly. Additionally, collaboration with local experts and partnerships with regulatory bodies can help navigate complex regulatory landscapes and ensure compliance. Overall, the market presents significant opportunities for growth, but requires a strategic approach to address regulatory challenges and effectively target demand. Companies that can navigate these challenges and adapt to local market conditions will be well-positioned to succeed in this dynamic market.

What will be the Size of the Residential Real Estate Market during the forecast period?

Request Free SampleThe market continues to exhibit activity, driven by strong economic fundamentals and population growth. In nominal terms, the market size reached an all-time high in the latest fiscal year, with discerning buyers demonstrating continued interest in spacious accommodations. However, macroeconomic headwinds, such as rising interest rates and inflation, pose challenges for some potential homebuyers. Economic factors, including GDP per capita and purchasing power, remain essential support for the housing market. Despite these conditions, property launches in the luxury residential sector have shown resilience, catering to the demand for high-end living spaces. Residential construction remains a critical component of the market, with new housing units being added to meet the growing demand for homes. Overall, the market is expected to remain a significant contributor to the economy, offering opportunities for both investors and homebuyers.

How is this Residential Real Estate Industry segmented?

The residential real estate industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments. Mode Of BookingSalesRental/LeaseTypeApartments and condominiumsLanded houses and villasGeographyAPACChinaJapanNorth AmericaUSEuropeGermanyUKSouth AmericaMiddle East and Africa

By Mode Of Booking Insights

The sales segment is estimated to witness significant growth during the forecast period.

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The Sales segment was valued at USD 896.60 billion in 2018 and showed a gradual increase during the forecast period.

Regional Analysis

APAC is estimated to contribute 54% to the growth of the global market during the forecast period.Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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The market in the Asia Pacific (APAC) region held the largest market share in 2023 and is anticipated to continue leading the market growth during the forecast period. Key drivers of this expansion include population growth and increasing purchasing power, leading to a in demand for spacious accommodations. Rapid urbanization and economic fundamentals, such as GDP per capita, have fueled the construction of new housing units, particularly in countries like India and China. Furthermore, domestic demand and foreign homebuyers have contributed to the unsold inventory overhang, creating investment opportunities in underconstruction properties. Despite these positive indicators, challenges persist, including affordability concerns and critical input costs. In the context of the US housing market, the residential real estate sector offers investment opportunities through traditional options, such as home ownership and rental cash flow, as well as low-risk methods, like investment portfolios. Key economic factors, such as interest rates and supply metrics, impact residential property prices, which may vary in real and nominal terms. The market is also influenced by changing consumer preferences, regulatory reforms, and technological transformation, including home automation and cutting-edge strategies.

Market Dynamics

Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holi

United States GDP: GO: QI: PI: Finance, Insurance, Real Estate, Rent & Lease (FR) data was reported at 101.684 2005=100 in 2011. This records a decrease from the previous number of 102.576 2005=100 for 2010. United States GDP: GO: QI: PI: Finance, Insurance, Real Estate, Rent & Lease (FR) data is updated yearly, averaging 75.892 2005=100 from Dec 1987 (Median) to 2011, with 25 observations. The data reached an all-time high of 106.274 2005=100 in 2007 and a record low of 48.407 2005=100 in 1987. United States GDP: GO: QI: PI: Finance, Insurance, Real Estate, Rent & Lease (FR) data remains active status in CEIC and is reported by Bureau of Economic Analysis. The data is categorized under Global Database’s USA – Table US.A121: NIPA 2009: GDP by Industry: Gross Output: Quantity Index.

Key information about House Prices Growth

• US house prices grew 5.2% YoY in Sep 2024, following an increase of 6.2% YoY in the previous quarter.
• YoY growth data is updated quarterly, available from Mar 1992 to Sep 2024, with an average growth rate of 5.5%.
• House price data reached an all-time high of 17.7% in Sep 2021 and a record low of -12.4% in Dec 2008.

United States GDP: GO: 2012p: saar: Pvt: FR: RL: Real Estate (RE) data was reported at 3,064.048 USD bn in Jun 2018. This records an increase from the previous number of 3,037.943 USD bn for Mar 2018. United States GDP: GO: 2012p: saar: Pvt: FR: RL: Real Estate (RE) data is updated quarterly, averaging 2,533.117 USD bn from Mar 2005 (Median) to Jun 2018, with 54 observations. The data reached an all-time high of 3,064.048 USD bn in Jun 2018 and a record low of 2,379.821 USD bn in Mar 2009. United States GDP: GO: 2012p: saar: Pvt: FR: RL: Real Estate (RE) data remains active status in CEIC and is reported by Bureau of Economic Analysis. The data is categorized under Global Database’s USA – Table US.A092: NIPA 2018: GDP by Industry: Gross Output: Chain Linked 2012 Price: saar.

Portugal, Canada, and the United States were the countries with the highest house price to income ratio in 2023. In all three countries, the index exceeded 130 index points, while the average for all OECD countries stood at 117.5 index points. The index measures the development of housing affordability and is calculated by dividing nominal house price by nominal disposable income per head, with 2015 set as a base year when the index amounted to 100. An index value of 120, for example, would mean that house price growth has outpaced income growth by 20 percent since 2015. How have house prices worldwide changed since the COVID-19 pandemic? House prices started to rise gradually after the global financial crisis (2007–2008), but this trend accelerated with the pandemic. The countries with advanced economies, which usually have mature housing markets, experienced stronger growth than countries with emerging economies. Real house price growth (accounting for inflation) peaked in 2022 and has since lost some of the gain. Although, many countries experienced a decline in house prices, the global house price index shows that property prices in 2023 were still substantially higher than before COVID-19. Renting vs. buying In the past, house prices have grown faster than rents. However, the home affordability has been declining notably, with a direct impact on rental prices. As people struggle to buy a property of their own, they often turn to rental accommodation. This has resulted in a growing demand for rental apartments and soaring rental prices.

Graph and download economic data for Real Gross Domestic Product: Real Estate (531) in New York (NYREALRGSP) from 1997 to 2023 about leases, finance, insurance, rent, real estate, GSP, private industries, NY, private, real, industry, GDP, and USA.

Graph and download economic data for Gross Domestic Product: Real Estate and Rental and Leasing (53) in Oregon (ORRERENTLEANQGSP) from Q1 2005 to Q3 2024 about OR, leases, finance, insurance, rent, real estate, GSP, private industries, private, industry, GDP, and USA.

Graph and download economic data for Contributions to Percent Change in Real GDP by Industry: Finance, Insurance, Real Estate, Rental, and Leasing: Finance and Insurance (CPGDPFI) from Q2 2005 to Q3 2024 about contributions, financing, leases, insurance, rent, real estate, private industries, percent, private, real, industry, GDP, and USA.

Graph and download economic data for Real Gross Domestic Product: Real Estate and Rental and Leasing (53) in New Jersey (NJRERENTLEARGSP) from 1997 to 2023 about leases, NJ, finance, insurance, rent, real estate, GSP, private industries, private, real, industry, GDP, and USA.

Graph and download economic data for Gross Domestic Product: Private Industries: Finance, Insurance, Real Estate, Rental, and Leasing: Finance and Insurance: Federal Reserve Banks, Credit Intermediation, and Related Services for United States Metropolitan Portion (NGMPFRBCIUSMP) from 2001 to 2016 about metropolitan portion, intermediate, leases, finance, insurance, rent, credits, real estate, private industries, services, banks, private, depository institutions, industry, GDP, and USA.

Graph and download economic data for Contributions to Percent Change in Real Gross Domestic Product: Gross Private Domestic Investment: Fixed Investment: Nonresidential: Intellectual Property Products: Research and Development (Y006RY2Q224SBEA) from Q2 1947 to Q4 2024 about R&D, intellectual property, contributions, nonresidential, fixed, investment, domestic, production, percent, private, real, GDP, and USA.

Graph and download economic data for Quantity Indexes for Real GDP: Private Industries: Finance, Insurance, Real Estate, Rental, and Leasing: Finance and Insurance for United States Metropolitan Portion (QGMPFININSUSMP) from 2001 to 2023 about metropolitan portion, quantity index, leases, finance, insurance, rent, real estate, private industries, private, real, industry, GDP, and USA.

Graph and download economic data for Gross Domestic Product: Real Estate and Rental and Leasing (53) in Idaho (IDRERENTLEANQGSP) from Q1 2005 to Q3 2024 about ID, leases, finance, insurance, rent, real estate, GSP, private industries, private, industry, GDP, and USA.