North America Real Estate Market Report and Forecast 2025-2034

North America Real Estate Market Size

The North America real estate market reached around USD 3.90 trillion in 2023. The market is projected to grow at a CAGR of 2.6% between 2024 and 2032, reaching almost USD 4.91 trillion by 2032.

North America Real Estate Market Outlook

• In 2022, the United States boasted nearly 125.7 million units of occupied houses.

• The typical size of a house in the United States is 1900 square feet.

• The United States has almost 5.9 million commercial buildings that occupy a total area of 97 billion square feet.

North America Real Estate Market Growth

The process of adapting an existing structure for another use has become one of the key trends in the market. Globally, buildings account for 58% of overall carbon emissions, and adaptive reuses can result in significant savings (40%-70%) as compared to new construction projects.

In 2023, adaptive reuse deliveries recorded a year-on-year growth of 17.6%, reaching 12713. The conversion of 4,556 hotels and 3,587 offices into apartments has made the development of new housing spaces increasingly cost-effective, sustainable, and fast. Manhattan accounted for a major portion of such deliveries at 733 units, followed by Richmond (Virginia) and Alameda (California) at 662 and 372 units, respectively.

Factory-to-apartment conversions constitute 15% of all deliveries across the United States, witnessing a year-on-year growth of 31.6% and reaching 1954 units. Ongoing adaptive reuse projects have witnessed a year-on-year growth of 24%, with offices (58,000) and hospitality (34,000) constituting a huge share of the conversion pipeline.

The Inflation Reduction Act in the United States is expected to increase the volume of investments in the development of sustainable commercial and industrial projects over the forecast period. Moreover, an increasing number of multifamily housing complexes in Canada are seeking to balance their budgets with sustainable housing solutions, which is expected to drive the market growth.

North America Real Estate Industry Segmentation

North America Real Estate Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

Market Breakup by Type

• Sales

• Rental

• Lease

Market Breakup by Property

• Residential

• Commercial

• Industrial

• Land

Market Breakup by Mode

• Online

• Offline

Market Breakup by Country

• United States of America

• Canada

North America Real Estate Market Share

Based on property, the market is divided into residential, commercial, industrial, and land. Over the forecast period of 2024-2032, residential properties are projected to grow at a CAGR of 2.9% as the economies of Canada and the United States witness steady growth.

Leading Companies in the North America Real Estate Market

Major market players are expected to integrate sustainable building practices into the construction of various properties.

• Redfin Corporation

• RE/MAX, LLC

• Coldwell Banker Real Estate LLC

• BHH Affiliates, LLC

• Douglas Elliman, LLC

• eXp World Holdings, Inc.

• Sotheby's International Realty Affiliates LLC

• Weichert Co.

• Anywhere Real Estate Inc.

• EXIT Realty Corp.

• Others

Key Highlights of the Report