Key regions: Europe, Asia, Australia, United States, Germany
The Residential Real Estate market in North America is experiencing significant growth and development, driven by various factors such as customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Residential Real Estate market in North America are shifting towards more spacious and modern homes. Homebuyers are increasingly looking for properties that offer open floor plans, ample storage space, and energy-efficient features. Additionally, there is a growing demand for homes with home offices or dedicated workspaces, as remote work becomes more prevalent. This shift in customer preferences is driving the development of new residential projects that cater to these needs, with developers focusing on creating homes that offer both functionality and comfort. Trends in the market show a strong demand for residential properties in urban areas, particularly in cities with thriving job markets and a high quality of life. Many young professionals and families are choosing to live in urban centers to take advantage of the employment opportunities, cultural amenities, and convenient access to transportation. This trend has led to the revitalization of urban neighborhoods, with developers converting old industrial buildings into trendy loft apartments and creating mixed-use developments that combine residential, commercial, and retail spaces. Local special circumstances also play a role in the development of the Residential Real Estate market in North America. For example, in cities with limited land availability, developers are focusing on building vertically rather than horizontally. This has led to the construction of high-rise condominiums and apartment buildings, offering a solution to the growing demand for housing in densely populated areas. Additionally, in regions with a high influx of international buyers, such as major metropolitan areas, developers are creating luxury residential projects that cater to the preferences and expectations of affluent foreign investors. Underlying macroeconomic factors also contribute to the development of the Residential Real Estate market in North America. Low interest rates have made mortgage financing more affordable, encouraging more individuals and families to enter the housing market. The strong performance of the economy and job market has also boosted consumer confidence and increased the purchasing power of potential homebuyers. Furthermore, government policies and incentives aimed at promoting homeownership, such as tax breaks and down payment assistance programs, have further stimulated demand in the market. In conclusion, the Residential Real Estate market in North America is experiencing growth and development driven by customer preferences for spacious and modern homes, trends towards urban living, local special circumstances such as limited land availability and international buyers, and underlying macroeconomic factors including low interest rates and government incentives. These factors are shaping the market and driving the construction of new residential projects that cater to the evolving needs and preferences of homebuyers in the region.
Data coverage:
Figures are based on total and average value of residential real estate, residential estate transactions and leases.Modeling approach:
Market size is determined by a combined top-down and bottom-up approach. We use national statistics, international organizations, and industry associations to analyze the markets. To estimate the market size for each country individually, we use relevant key market indicators and data from country specific industry associations such as GDP, price level index, household wealth, household size, number of renter and owner households, housing consumer spending per capita.Forecasts:
We use a variety of forecasting techniques, depending on the behavior of the market, for instance, exponential trend smoothing. The main drivers are GDP per capita, population, number of renter and owner households, price level index, housing consumer spending per capita.Additional Notes:
Data is modeled using current exchange rates. The market is updated twice per year in case market dynamics change. The impacts of the Russia-Ukraine war are considered at a country-specific level.
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