Press release
Residential Real Estate Market: Opportunities, Strategies, Size, Share, and Analysis 2024-2033
Residential Real Estate Market
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..
Market Overview -
Residential real estate refers to properties designed and used as dwellings for individuals or families. It includes various properties such as single-family homes, townhouses, and condominiums.
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Residential Real Estate Market Surges As Demand For Housing Drives Construction And Urban Renewal
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.
Competitive Landscape -
Major companies operating in the residential real estate market report are 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
AI Technology Revolutionizes Residential Real Estate With Restb.AI's Mls Suite For Automated Listing Entry And Enhanced Data Value
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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Key Segments -
The residential real estate market covered in this report is segmented -
1) By Type: Apartments, Condominiums, Landed Houses, Villas
2) By Pricing: Affordable, Mid-Range, Luxury
3) By Size: Less Than 50 Square Meters, 51 To 80 Square Meters, 81 To 110 Square Meters, 111 To 200 Square Meters, More Than 200 Square Meters
4) By Business: Sales, Rental
5) By Mode: Online, Offline
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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